IONQ, INC., 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 29, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Registrant Name IONQ, INC.  
Entity Central Index Key 0001824920  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Transition Report false  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-39694  
Entity Tax Identification Number 85-2992192  
Entity Address, Address Line One 4505 Campus Drive  
Entity Address, City or Town College Park  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 20740  
City Area Code 301  
Local Phone Number 298-7997  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   354,279,591
Warrant [Member]    
Entity Information [Line Items]    
Trading Symbol IONQ WS  
Title of 12(b) Security Warrants, each exercisable for one share of common stock for $11.50 per share  
Security Exchange Name NYSE  
Common Stock [Member]    
Entity Information [Line Items]    
Trading Symbol IONQ  
Title of 12(b) Security Common stock, par value $0.0001 per share  
Security Exchange Name NYSE  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 346,032 $ 54,393
Short-term investments 736,333 285,896
Accounts receivable, net 36,912 10,188
Prepaid expenses and other current assets 96,025 28,325
Total current assets 1,215,302 378,802
Long-term investments 402,603 23,545
Property and equipment, net 119,564 52,761
Operating lease right-of-use assets 20,940 9,470
Intangible assets, net 655,909 29,469
Goodwill 1,865,841 9,904
Other noncurrent assets 39,189 4,437
Total Assets 4,319,348 508,388
Current liabilities:    
Accounts payable 16,970 5,230
Accrued expenses and other current liabilities 91,856 16,811
Current portion of operating lease liabilities 8,599 3,366
Unearned revenue 21,855 10,678
Total current liabilities 139,280 36,085
Operating lease liabilities, net of current portion 19,917 14,359
Unearned revenue, net of current portion 3,384 0
Warrant liabilities 1,768,232 70,688
Other noncurrent liabilities 100,736 3,394
Total liabilities 2,031,549 124,526
Commitments and contingencies (see Note 10)
Stockholders' Equity:    
Common stock $0.0001 par value; 1,000,000,000 shares authorized; 325,308,961 and 221,919,191 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 32 22
Additional paid-in capital 4,237,882 1,067,403
Accumulated deficit (1,947,765) (683,720)
Accumulated other comprehensive income (loss) (16,788) 157
Total IonQ, Inc. stockholders' equity 2,273,361 383,862
Noncontrolling interests 14,438 0
Total stockholders' equity 2,287,799 383,862
Total Liabilities and Stockholders' Equity $ 4,319,348 $ 508,388
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 325,308,961 221,919,191
Common stock, shares outstanding 325,308,961 221,919,191
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue $ 39,866 $ 12,400 $ 68,126 $ 31,363
Costs and expenses:        
Cost of revenue (excluding depreciation and amortization) 21,253 6,515 33,895 15,552
Research and development 66,298 33,178 209,610 96,750
Sales and marketing 14,441 6,630 33,928 19,468
General and administrative 82,505 14,322 154,418 41,395
Depreciation and amortization 24,182 4,890 41,359 13,150
Total operating costs and expenses 208,679 65,535 473,210 186,315
Loss from operations (168,813) (53,135) (405,084) (154,952)
Gain (loss) on change in fair value of warrant liabilities (881,847) (3,868) (882,930) 11,398
Interest income, net 14,437 4,508 26,469 14,108
Offering costs associated with warrants (22,847) 0 (22,847) 0
Other income (expense), net (980) 15 (697) (164)
Loss before income tax expense (1,060,050) (52,480) (1,285,089) (129,610)
Income tax benefit (expense) 4,438 (16) 19,695 (39)
Net loss (1,055,612) (52,496) (1,265,394) (129,649)
Net loss attributable to noncontrolling interests (657) 0 (1,349) 0
Net loss attributable to IonQ, Inc. $ (1,054,955) $ (52,496) $ (1,264,045) $ (129,649)
Net loss per share attributable to IonQ, Inc. common stockholders-basic $ (3.58) $ (0.24) $ (4.89) $ (0.61)
Net loss per share attributable to IonQ, Inc. common stockholders-diluted $ (3.58) $ (0.24) $ (4.89) $ (0.61)
Weighted average shares used in computing net loss per share attributable to IonQ, Inc. common stockholders-basic 294,524,786 214,305,053 258,324,714 211,378,045
Weighted average shares used in computing net loss per share attributable to IonQ, Inc. common stockholders-diluted 294,524,786 214,305,053 258,324,714 211,378,045
v3.25.3
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net loss $ (1,055,612) $ (52,496) $ (1,265,394) $ (129,649)
Other comprehensive income (loss), net of reclassification adjustments:        
Change in unrealized gain (loss) on available-for-sale securities, net 1,757 1,713 1,510 2,348
Currency translation adjustments (22,728) (60) (17,979) (46)
Total other comprehensive income (loss) (20,971) 1,653 (16,469) 2,302
Total comprehensive loss (1,076,583) (50,843) (1,281,863) (127,347)
Comprehensive loss attributable to noncontrolling interests (768) 0 (873) 0
Comprehensive loss attributable to IonQ, Inc. $ (1,075,815) $ (50,843) $ (1,280,990) $ (127,347)
v3.25.3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interests [Member]
Balance at Dec. 31, 2023 $ 484,994 $ 20 $ 839,014 $ (352,073) $ (1,967) $ 0
Balance (in shares) at Dec. 31, 2023   206,611,704        
Net loss (129,649) $ 0 0 (129,649) 0 0
Other comprehensive income (loss) 2,302 0 0 0 2,302 0
Issuance of common stock from equity incentive plans 13,714 $ 2 13,712 0 0 0
Issuance of common stock from equity incentive plans (in shares)   9,219,547        
Vesting of restricted common stock 294 $ 0 294 0 0 0
Vesting of restricted common stock (in shares)   144,435        
Stock-based compensation 64,028 $ 0 64,028 0 0 0
Balance at Sep. 30, 2024 435,683 $ 22 917,048 (481,722) 335 0
Balance (in shares) at Sep. 30, 2024   215,975,686        
Balance at Jun. 30, 2024 463,274 $ 21 893,797 (429,226) (1,318) 0
Balance (in shares) at Jun. 30, 2024   213,722,503        
Net loss (52,496) $ 0 0 (52,496) 0 0
Other comprehensive income (loss) 1,653 0 0 0 1,653 0
Issuance of common stock from equity incentive plans 1,086 $ 1 1,085 0 0 0
Issuance of common stock from equity incentive plans (in shares)   2,205,038        
Vesting of restricted common stock 98 $ 0 98 0 0 0
Vesting of restricted common stock (in shares)   48,145        
Stock-based compensation 22,068 $ 0 22,068 0 0 0
Balance at Sep. 30, 2024 435,683 $ 22 917,048 (481,722) 335 0
Balance (in shares) at Sep. 30, 2024   215,975,686        
Balance at Dec. 31, 2024 383,862 $ 22 1,067,403 (683,720) 157 0
Balance (in shares) at Dec. 31, 2024   221,919,191        
Net loss (1,265,394) $ 0 0 (1,264,045) 0 (1,349)
Other comprehensive income (loss) (16,469) 0 0 0 (16,945) 476
Issuance of common stock in connection with acquisitions, net 2,422,357 $ 5 2,405,434 0 0 16,918
Issuance of common stock in connection with acquisitions, net (in shares)   51,737,208        
Issuance of common stock, net of issuance costs (in shares)   30,204,168        
Issuance of common stock, net of issuance costs 358,256 $ 3 358,253 0 0 0
Issuance of common stock from equity incentive plans 18,429 $ 2 18,427 0 0 0
Issuance of common stock from equity incentive plans (in shares)   16,798,400        
Vesting of restricted common stock 448 $ 0 448 0 0 0
Vesting of restricted common stock (in shares)   211,182        
Stock-based compensation 194,218 $ 0 194,218 0 0 0
Warrants exercised shares   4,438,812        
Warrants exercised 192,092 $ 0 192,092 0   0
Change in ownership interest 0 0 1,607 0 0 (1,607)
Balance at Sep. 30, 2025 2,287,799 $ 32 4,237,882 (1,947,765) (16,788) 14,438
Balance (in shares) at Sep. 30, 2025   325,308,961        
Balance at Jun. 30, 2025 1,178,446 $ 27 2,050,344 (892,810) 4,072 16,813
Balance (in shares) at Jun. 30, 2025   269,600,132        
Net loss (1,055,612) $ 0 0 (1,054,955) 0 (657)
Other comprehensive income (loss) (20,971) 0 0 0 (20,860) (111)
Issuance of common stock in connection with acquisitions, net 1,943,608 $ 3 1,943,605 0 0 0
Issuance of common stock in connection with acquisitions, net (in shares)   34,227,607        
Issuance of common stock, net of issuance costs (in shares)   14,165,708        
Issuance of common stock, net of issuance costs 1 $ 1 0 0 0 0
Issuance of common stock from equity incentive plans 3,905 $ 1 3,904 0 0 0
Issuance of common stock from equity incentive plans (in shares)   3,248,044        
Vesting of restricted common stock 252 $ 0 252 0 0 0
Vesting of restricted common stock (in shares)   114,892        
Stock-based compensation 65,398 $ 0 65,398 0 0 0
Warrants exercised shares   3,952,578        
Warrants exercised 172,772 $ 0 172,772 0 0 0
Change in ownership interest 0 0 1,607 0 0 (1,607)
Balance at Sep. 30, 2025 $ 2,287,799 $ 32 $ 4,237,882 $ (1,947,765) $ (16,788) $ 14,438
Balance (in shares) at Sep. 30, 2025   325,308,961        
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (1,265,394) $ (129,649)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 41,359 13,150
Stock-based compensation 205,366 67,607
(Gain) loss on change in fair value of warrant liabilities 882,930 (11,398)
Deferred income taxes (19,885) 0
Amortization of premiums and accretion of discounts on available-for-sale securities (6,167) (7,086)
Other, net 5,872 4,291
Changes in operating assets and liabilities:    
Accounts receivable (15,849) 7,341
Prepaid expenses and other current assets (42,572) (9,899)
Accounts payable (17,413) (463)
Accrued expenses and other current liabilities 27,777 612
Unearned revenue 268 (4,232)
Other assets and liabilities (4,969) 3,471
Net cash provided by (used in) operating activities (208,677) (66,255)
Cash flows from investing activities:    
Purchases of property and equipment (7,628) (14,399)
Capitalized software development costs (2,961) (3,064)
Purchases of available-for-sale securities (1,252,367) (241,162)
Maturities of available-for-sale securities 407,730 318,192
Businesses acquired, net of cash acquired (13,100) 0
Other investing, net (5,306) (1,201)
Net cash provided by (used in) investing activities (873,632) 58,366
Cash flows from financing activities:    
Proceeds from common stock and warrant issuance, net of issuance costs 1,358,254 0
Proceeds from stock options exercised 11,468 2,270
Proceeds from warrants exercised 6,708 0
Other financing, net 986 144
Net cash provided by (used in) financing activities 1,377,416 2,414
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 375 4
Net change in cash, cash equivalents and restricted cash 295,482 (5,471)
Cash, cash equivalents and restricted cash at the beginning of the period 56,840 38,081
Cash, cash equivalents and restricted cash at the end of the period 352,322 32,610
Supplemental disclosures of non-cash investing and financing transactions    
Operating lease right-of-use assets subject to lease liability 0 6,129
Noncash reclassification of warrant liabilities to equity upon exercise 185,384 0
Bonus settled in restricted stock units 6,969 11,443
Net share settled stock option exercises 853 1,016
Equity issued for acquisitions 2,405,998 0
Property and Equipment [Member]    
Supplemental disclosures of non-cash investing and financing transactions    
"Property and equipment" and "Intangible asset" purchases in accounts payable and accrued expenses 3,195 559
Intangible Asset [Member]    
Supplemental disclosures of non-cash investing and financing transactions    
"Property and equipment" and "Intangible asset" purchases in accounts payable and accrued expenses $ 0 $ 226
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ (1,054,955) $ (52,496) $ (1,264,045) $ (129,649)
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

None of the Company’s directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended September 30, 2025, as such terms are defined under Item 408(a) of Regulation S-K, except as follows:

On August 21, 2025, Rima Alameddine, our Chief Revenue Officer, modified a Rule 10b5-1 trading arrangement previously entered into on March 14, 2025. As so modified, the arrangement provides for the potential sale of up to 239,280 shares of our common stock, subject to

certain conditions, and has an expiration date of November 27, 2026. Sales under the modified trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1.

On September 11, 2025, Kathryn Chou, one of our directors, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 27,757 shares of our common stock, subject to certain conditions. The arrangement’s expiration date is December 18, 2026. Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1.

On September 11, 2025, Gabrielle Toledano, one of our directors, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 3,373 shares of our common stock, subject to certain conditions. The arrangement’s expiration date is November 27, 2026. Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1.
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
Rima Alameddine [Member]  
Trading Arrangements, by Individual  
Name Rima Alameddine
Title Chief Revenue Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date November 27, 2026
Arrangement Duration 624 days
Aggregate Available 239,280
Rule 10b5-1 Arrangement Modified true
Kathryn Chou [Member]  
Trading Arrangements, by Individual  
Name Kathryn Chou
Title directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 11, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date December 18, 2026
Arrangement Duration 464 days
Aggregate Available 27,757
Gabrielle Toledano [Member]  
Trading Arrangements, by Individual  
Name Gabrielle Toledano
Title directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 11, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date November 27, 2026
Arrangement Duration 443 days
Aggregate Available 3,373
v3.25.3
Description of Business
 9 Months Ended
Sep. 30, 2025
Description of Business

1. DESCRIPTION OF BUSINESS

IonQ, Inc. (“IonQ” or the “Company”) develops quantum computers, networks, and sensors designed to solve some of the world’s most complex problems, and transform business, society, and the planet for the better. To operate these quantum products, the Company has developed custom hardware, custom firmware, and an operating system. The Company also offers satellite-based data capabilities and satellite solutions intended to enable quantum-secure global communications.

Today, the Company sells specialized quantum computing, networking and sensing hardware together with related maintenance and support. It also sells access to several quantum computers and is in the process of researching and developing technologies for quantum computers with increasing computational capabilities. It currently makes access to its quantum computers available through three major cloud platforms, Amazon Web Services’s Amazon Braket, Microsoft’s Azure Quantum and Google’s Cloud Marketplace, and also to select customers through its own cloud service. This cloud-based approach enables the broad availability of quantum-computing-as-a-service.

The Company also supplements its offerings with professional services focused on assisting customers in applying quantum computing and networking to their businesses, and it offers quantum networking and sensing products that offer customers secure communication networks and enable networked quantum computing.

The Company also offers satellite imagery and data from its constellation of satellites through a self-service platform as well as customer solutions for specialized satellite development capabilities.

The Company pursues its business goals both through organic innovation and development, and targeted acquisitions of complementary businesses. For a discussion of the impact of recent acquisitions on our business and the benefits that we expect them to provide, refer to Note 3.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2024, and the notes thereto, are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below.

Basis of Preparation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and majority-owned and wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. For consolidated non-wholly-owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of income and equity that is not attributable to the Company.

Unaudited Interim Financial Information

The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2024, included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three or nine months ended September 30, 2025, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2025, or thereafter. All references to September 30, 2025 and 2024, in the notes to the condensed consolidated financial statements are unaudited.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes.

Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: standalone selling price for revenue arrangements with multiple performance obligations, total expected costs for revenue arrangements recognized over time under the cost-to-cost percentage of completion model, capitalization of quantum computing system and satellite costs, useful lives for quantum computing systems and satellites, estimates of the fair value of intangible assets acquired in business combinations, estimates of the fair value of warrant liabilities, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates.

Foreign Currency

The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s condensed consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the condensed consolidated statements of operations.

Fair Value Measurements

The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•
Level 1—Observable inputs, which include quoted prices in active markets;
•
Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets that are measured using unobservable inputs, including investments in convertible debt securities of privately-held companies, use the market or income approach and may involve pricing models whose inputs require significant judgment or estimation. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. Liabilities that are measured using unobservable inputs, including warrant liabilities, use the Black-Scholes-Merton (“Black-Scholes”) option-pricing model and may involve inputs which require significant judgment or estimation, including expected volatility.

Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value upon initial recognition when acquired through a business combination or an asset acquisition or when they are considered to be impaired. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Due to their short-term nature, the carrying amounts reported in the Company’s condensed consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash and checking deposits, money market funds, and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash for collateralizing letters of credit and certain other obligations is included in prepaid expenses and other current assets and other noncurrent assets in the condensed consolidated balance sheets. The Company issues financial guarantees, including letters of credit, in the ordinary course of business, including for lease arrangements and regulatory requirements. Letters of credit totaling $5.2 million and $2.1 million were outstanding as of September 30, 2025 and December 31, 2024, respectively.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

346,032

 

 

$

54,393

 

Restricted cash

 

 

6,290

 

 

 

2,447

 

Total cash, cash equivalents and restricted cash in the
   condensed consolidated statements of cash flows

 

$

352,322

 

 

$

56,840

 

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Billed accounts receivable

 

$

12,578

 

 

$

6,516

 

Unbilled accounts receivable

 

 

24,334

 

 

 

3,672

 

Total accounts receivable

 

$

36,912

 

 

$

10,188

 

 

On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable.

Allowances for credit losses were not material as of either September 30, 2025 or December 31, 2024.

Inventories, Net

Inventories are stated at the lower of cost or net realizable value, with cost computed using the weighted-average cost basis, and are recorded in prepaid expenses and other current assets in the condensed consolidated balance sheet. Inventories are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company’s current and future strategic plans, risk of technological obsolescence, and general market conditions. During the three and nine months ended September 30, 2025, excess and obsolescence charges were not material.

Materials and Supplies, Net

Materials and supplies, including spare parts, are carried at average cost and recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. Materials and supplies used in the production of quantum computing systems and satellites are

capitalized to property and equipment when installed. Materials and supplies used to support customer contracts, for maintenance, or for research and development efforts are expensed when consumed. The Company capitalized $5.9 million and $1.9 million of materials and supplies to property and equipment for the three months ended September 30, 2025 and 2024, respectively, and $10.1 million and $4.5 million of materials and supplies to property and equipment for the nine months ended September 30, 2025 and 2024, respectively.

Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. During the three and nine months ended September 30, 2025, excess and obsolescence charges were $0.7 million and $1.2 million, respectively, and during the three and nine months ended September 30, 2024, excess and obsolescence charges were $1.0 million and $1.1 million, respectively.

Investments

Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the condensed consolidated balance sheets in accumulated other comprehensive income loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the condensed consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the condensed consolidated balance sheets in prepaid expenses and other current assets.

The Company also invests in privately-held companies, consisting of convertible debt securities and simple agreements for future equity (“SAFE”) investments and classifies these investments in accordance with the terms of the underlying securities. Investments in securities of privately-held companies are included in other noncurrent assets on the condensed consolidated balance sheet. Convertible debt securities are primarily classified as available-for-sale investments, with changes in fair value recorded in accumulated other comprehensive income (loss). To the extent the Company elects the fair value option, when applicable, changes in fair value are recorded in other income (expense), net in the condensed consolidated statements of operations. SAFE investments without a readily determinable fair value are recorded using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes in orderly transactions for identical or similar investments of the same issuer. Changes in the basis of the securities are recognized in other income (expense), net in the condensed consolidated statements of operations.

The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations.

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems, satellites, and supporting equipment are capitalized in the period the costs are incurred when it is probable that such costs will provide future economic benefit. The costs of quantum computing systems, satellites, and supporting equipment that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

4 – 7 years

Quantum computing systems

 

3 years

Satellites

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 

The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s condensed consolidated balance sheets. As of September 30, 2025, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease.

The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases.

ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases, the Company also reassesses the lease classification as of the effective date of the modification.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities.

Software Development Costs

The Company incurs software development costs for internal-use software, which the Company primarily uses to provide services to its customers, as well as for external-use software that will be part of a product to be sold, leased, or marketed.

Internal-Use Software

The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the condensed consolidated balance sheets. During the three months ended September 30, 2025 and 2024, the Company capitalized $2.0 million and $1.7 million in internal-use software costs, respectively, and during the nine months ended September 30, 2025 and 2024, the Company capitalized $5.4 million and $5.5 million, respectively. The Company amortized $1.7 million and $1.4 million of capitalized internal-use software costs during the three months ended September 30, 2025 and 2024, respectively, and $4.8 million and $3.8 million of capitalized internal-use software costs during the nine months ended September 30, 2025 and 2024, respectively.

External-Use Software

Costs incurred in researching and developing external-use software are expensed as incurred until technological feasibility is established. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to production. No external-use software costs were capitalized during any of the three or nine months ended September 30, 2025 and 2024.

Intangible Assets, Net

The Company’s intangible assets include developed technology, customer relationships, intellectual property, non-compete agreements, patents, trademarks, website domain costs, and backlog. Intangible assets with identifiable useful lives are initially valued at acquisition cost and are amortized over their estimated useful lives using the straight-line method. Intangible assets with indefinite useful lives are assessed for impairment at least annually.

Goodwill

Goodwill is the excess of the purchase price over the fair values assigned to the net assets acquired in a business combination. The Company tests goodwill for impairment on an annual basis, which it has determined to be the first day of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company tests goodwill qualitatively, or quantitatively, by comparing the fair value of the reporting unit with the unit’s carrying amount. No impairment loss was recognized for any of the three or nine months ended September 30, 2025 and 2024.

Business Combinations

The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Goodwill as of the acquisition date represents the excess of the purchase consideration of an acquired business over the fair value of the underlying net tangible and intangible assets acquired net of liabilities assumed. The purchase consideration is determined based on the fair value of the assets transferred and liabilities assumed after considering any transactions that are separate from the business combination. Any adjustments to provisional amounts that are identified during the measurement period, not to exceed one year from the date of acquisition, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s condensed consolidated statements of operations.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. Impairment losses were not material for any of the three or nine months ended September 30, 2025 and 2024.

Warrant Liabilities

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, including warrant liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued upon exercise or at each reporting date for unexercised warrants, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Revenue Recognition

The Company derives revenue from the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from the sale of quantum networking products together with related services and maintenance, from providing access to its quantum-computing-as-a-service (“QCaaS” or “Platform” services), from consulting services related to co-developing algorithms on the quantum computing systems, and from providing satellite imagery and data from its constellation of satellites through its online platform. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To support this core principle, the Company applies the following five step approach:

1.
Identify the contract with the customer
2.
Identify the performance obligations
3.
Determine the transaction price
4.
Allocate the transaction price to the performance obligations
5.
Recognize revenue when (or as) the entity satisfies a performance obligation

Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support and the sale of quantum networking products together with related services and maintenance. Certain contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. The Company estimates the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin.

Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services as well as customer solutions for specialized satellite development capabilities, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company’s historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For performance obligations related to quantum networking products and related services, revenue is recognized at the point in time when control passes to the customer, which is generally at the shipping point based on customary incoterms, or upon completion of the required services.

The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. Additionally, the Company has determined that its contracts to provide satellite imagery and data also represent a stand-ready performance obligation. The transaction price generally consists of a fixed fee for a minimum volume of usage or images to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access or satellite imagery and data, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

For the three and nine months ended September 30, 2025 and 2024, the majority of revenue was recognized based on transfer of service over time. In arrangements with cloud service providers, the cloud service provider is considered the customer and the Company does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user.

The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service.

The variable fees associated with the QCaaS and satellite imagery and data contracts are generally billed a month in arrears. Customers also have the ability to make advance payments. Advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s condensed consolidated balance sheets.

Assets Recognized from Costs to Obtain a Contract

Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services

to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the condensed consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of September 30, 2025 and December 31, 2024, total capitalized costs were $2.1 million and $2.4 million, respectively. Amortization expense was $0.4 million for the three months ended September 30, 2025 and 2024, and $1.1 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in sales and marketing in the condensed consolidated statements of operations.

Research and Development

Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation, and allocated overhead costs for the Company’s research and development function. Research and development is attributable to the advancing technology research, platform and infrastructure development, and the research and development of new product iterations, including quantum computing systems and networks and satellites. Design and development efforts continue throughout the useful life of the Company’s quantum computing systems and satellites to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements.

Stock-Based Compensation

The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur.

Stock-based compensation cost for restricted stock units, performance-based restricted stock units, and restricted common stock is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment.

The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period.

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized.

The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is not more-likely-than-not that some portion or all of its deferred tax assets will be realized.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash, and investments with several high credit quality financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation.

The Company’s accounts receivable are derived from customers primarily located in the U.S., including the U.S. government. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material.

Significant customers are those that represent more than 10% of the Company’s total revenue. For the three and nine months ended September 30, 2025, the Company had three significant customers that accounted for 61% of total revenue and two significant customers that accounted for 54% of total revenue, respectively. For the three and nine months ended September 30, 2024, the Company had two significant customers that accounted for 84% and 79% of total revenue, respectively.

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive.

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

Numerator:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net loss

 

$

(1,055,612

)

 

$

(52,496

)

 

$

(1,265,394

)

 

$

(129,649

)

Less: Net loss attributable to noncontrolling interests

 

$

657

 

 

$

—

 

 

$

1,349

 

 

$

—

 

Net loss attributable to IonQ, Inc. common
   stockholders for basic and diluted net loss
   per share

 

$

(1,054,955

)

 

$

(52,496

)

 

$

(1,264,045

)

 

$

(129,649

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing net loss
   per share attributable to IonQ, Inc. common
   stockholders—basic and diluted

 

 

294,524,786

 

 

 

214,305,053

 

 

 

258,324,714

 

 

 

211,378,045

 

Net loss per share attributable to IonQ, Inc. common
   stockholders—basic and diluted

 

$

(3.58

)

 

$

(0.24

)

 

$

(4.89

)

 

$

(0.61

)

 

In periods with a reported net loss, the effect of stock options, warrants, unvested restricted stock units, unvested performance-based restricted stock units, and unvested common stock (including unvested restricted common stock) are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Common stock options outstanding

 

 

7,967,193

 

 

 

18,693,271

 

 

 

11,972,668

 

 

 

19,715,840

 

Warrants to purchase common stock

 

 

35,269,625

 

 

 

13,529,455

 

 

 

13,527,921

 

 

 

13,529,455

 

Unvested restricted stock units

 

 

14,123,062

 

 

 

16,087,407

 

 

 

14,542,660

 

 

 

16,478,732

 

Unvested performance-based restricted stock units

 

 

5,118,952

 

 

 

1,918,817

 

 

 

3,025,625

 

 

 

1,970,331

 

Unvested restricted stock

 

 

4,279,209

 

 

 

—

 

 

 

1,947,801

 

 

 

—

 

Unvested early exercised stock options

 

 

74,133

 

 

 

283,401

 

 

 

132,290

 

 

 

331,546

 

Total

 

 

66,832,174

 

 

 

50,512,351

 

 

 

45,148,965

 

 

 

52,025,904

 

 

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional expense disclosures by public business entities in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its financial statement disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments -- Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, to introduce a practical expedient for all entities, which simplifies the calculation required for estimating credit losses and assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update to its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles -- Goodwill and Other -- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update to its consolidated financial statements and related disclosures.
v3.25.3
Business Combinations
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations

3. BUSINESS COMBINATIONS

2025 Acquisitions

During 2025, the Company completed five acquisitions, for which each of the purchase price allocations are based on preliminary information and subject to change. Upon completion of the final purchase price allocations, the final fair values of assets acquired and liabilities assumed and resulting goodwill may differ materially from the preliminary assessment. The Company has estimated the preliminary fair values of assets acquired and liabilities assumed in each acquisition based on information currently available and will continue to adjust those estimates as additional information pertaining to events or circumstances present at the acquisition date becomes available during the measurement period.

The Company incurred approximately $28.8 million in transaction costs, which were primarily related to fees associated with financial and legal advisors, related to closed and pending acquisitions. Transactions costs were recorded in general and administrative expenses in the condensed consolidated statements of operations.

The Company has included the revenue and expenses of each acquisition in its condensed consolidated statements of operations from the date of acquisition.

Oxford Ionics Limited

On September 16, 2025, the Company acquired Oxford Ionics Limited (“Oxford Ionics”) for approximately $1,589.7 million of total consideration (the “Oxford Ionics Acquisition”). The Oxford Ionics Acquisition was accounted for as a business combination. The Oxford Ionics Acquisition accelerates the Company’s technology roadmap for more powerful, high-fidelity quantum computers and supports the Company’s global expansion.

The following table summarizes the components of the purchase consideration to acquire Oxford Ionics (in thousands):

 

Cash

 

$

10,000

 

Fair value of common stock issued(1)

 

 

1,579,670

 

Total purchase consideration

 

$

1,589,670

 

 

(1)
Reflects 25,372,150 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 149,169 shares withheld to cover employee tax obligations.

The following table summarizes the preliminary fair values of Oxford Ionics’s assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

Cash and cash equivalents

 

$

8,722

 

Accounts receivable

 

 

758

 

Prepaid expenses and other current assets

 

 

16,185

 

Property and equipment

 

 

5,334

 

Operating lease right-of-use assets

 

 

4,977

 

Intangible assets

 

 

423,581

 

Goodwill

 

 

1,261,472

 

Accounts payable

 

 

(23,339

)

Accrued expenses and other current liabilities

 

 

(11,510

)

Operating lease liabilities

 

 

(4,735

)

Unearned revenue

 

 

(1,937

)

Other noncurrent liabilities

 

 

(89,838

)

Total fair value of net assets acquired

 

$

1,589,670

 

 

The goodwill of $1,261.5 million is primarily attributable to specialized assembled workforce and expected future synergies from combining operations. The Company does not expect the goodwill from this acquisition to be deductible for income tax purposes. Identifiable intangibles recognized primarily consists of $422.9 million in developed technology with an estimated useful life of seven years. Fair values of intangible assets were determined using income approaches, including the multi-period excess earnings and the relief from royalty methods.

Capella Space Corporation

On July 11, 2025, the Company acquired Capella Space Corp. (“Capella”) for approximately $424.8 million of total consideration (the “Capella Acquisition”). The Capella Acquisition was accounted for as a business combination. The Capella Acquisition supports the Company’s mission to develop a space-to-space and space-to-ground satellite quantum key distribution networks to enable quantum-secure global communications.

The following table summarizes the components of the purchase consideration to acquire Capella (in thousands):

 

Cash

 

$

48,349

 

Fair value of common stock issued(1)

 

 

376,483

 

Total purchase consideration

 

$

424,832

 

 

(1)
Reflects 9,004,626 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 1,584,918 shares held in escrow. The escrowed shares are expected to be released within 18 months after the close of the Capella Acquisition, subject to reductions for indemnity claims and working capital adjustments.

The following table summarizes the preliminary fair values of Capella’s assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

Cash and cash equivalents

 

$

5,019

 

Accounts receivable

 

 

4,527

 

Prepaid expenses and other current assets

 

 

19,388

 

Property and equipment

 

 

52,009

 

Operating lease right-of-use assets

 

 

5,977

 

Intangible assets

 

 

101,700

 

Goodwill

 

 

259,490

 

Other noncurrent assets

 

 

3,220

 

Accounts payable

 

 

(2,271

)

Accrued expenses and other current liabilities

 

 

(13,044

)

Operating lease liabilities

 

 

(6,136

)

Unearned revenue

 

 

(3,090

)

Other noncurrent liabilities

 

 

(1,957

)

Total fair value of net assets acquired

 

$

424,832

 

 

The goodwill of $259.5 million is primarily attributable to growth opportunities from the expansion of the Company’s product offerings. The Company does not expect the goodwill from this acquisition to be deductible for income tax purposes. Identifiable intangibles recognized consist of $82.9 million in developed technology with an estimated useful life of 7 years, $14.6 million in trademarks with an estimated useful life of 10 years, and $4.2 million in customer relationships with an estimated useful life of 10 years. Fair values of intangible assets were determined using income approaches, including the relief from royalty and multi-period excess earnings methods.

Capella’s revenue since the acquisition date to September 30, 2025, included in the Company’s condensed consolidated statements of operations was $9.6 million.

id Quantique SA

On April 30, 2025, the Company acquired a controlling stake in id Quantique SA (“IDQ”) for approximately $116.2 million of total consideration (the “IDQ Acquisition”). The IDQ Acquisition was accounted for as a business combination. As of the acquisition date, the Company acquired approximately 86% of the outstanding shares of IDQ. A noncontrolling interest was recognized at fair value on the acquisition date, which was determined to be the noncontrolling interest’s proportionate share of the acquirees’ identifiable net assets. The acquisition supports the Company’s quantum networking capabilities by expanding its quantum networking expertise and technology portfolio, including quantum-safe communications and quantum detection systems.

The following table summarizes the components of the purchase consideration to acquire IDQ (in thousands):

 

Fair value of common stock issued(1)

 

$

113,064

 

Fair value of equity awards(2)

 

 

3,153

 

Total purchase consideration

 

$

116,217

 

 

(1)
Reflects 4,117,439 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 778,564 shares held in escrow. The escrowed shares are expected to be released within 18 months after the close of the IDQ Acquisition, subject to reductions for indemnity claims.
(2)
Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.

The following table summarizes the preliminary fair values of IDQ’s assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Adjusted Fair Value

 

Cash and cash equivalents

 

$

9,963

 

 

$

—

 

 

$

9,963

 

Accounts receivable

 

 

4,616

 

 

 

—

 

 

 

4,616

 

Prepaid expenses and other current assets

 

 

9,759

 

 

 

—

 

 

 

9,759

 

Property and equipment

 

 

978

 

 

 

—

 

 

 

978

 

Operating lease right-of-use assets

 

 

2,246

 

 

 

—

 

 

 

2,246

 

Intangible assets

 

 

42,751

 

 

 

—

 

 

 

42,751

 

Goodwill

 

 

84,608

 

 

 

(2,700

)

 

 

81,908

 

Other noncurrent assets

 

 

972

 

 

 

—

 

 

 

972

 

Accounts payable

 

 

(2,223

)

 

 

—

 

 

 

(2,223

)

Accrued expenses and other current liabilities

 

 

(3,810

)

 

 

—

 

 

 

(3,810

)

Operating lease liabilities

 

 

(2,245

)

 

 

—

 

 

 

(2,245

)

Unearned revenue

 

 

(7,150

)

 

 

—

 

 

 

(7,150

)

Other noncurrent liabilities

 

 

(4,630

)

 

 

—

 

 

 

(4,630

)

Noncontrolling interest

 

 

(16,918

)

 

 

—

 

 

 

(16,918

)

Total fair value of net assets acquired

 

$

118,917

 

 

$

(2,700

)

 

$

116,217

 

 

The current period measurement period adjustments were $2.7 million, primarily related a reduction in purchase price and goodwill upon the settlement of the working capital adjustment.

The goodwill of $81.9 million is primarily attributable to increased offerings to customers and enhanced opportunities for growth and innovation. The Company does not expect the goodwill from this acquisition to be deductible for income tax purposes. Identifiable intangibles recognized consist of $23.6 million in developed technology with an estimated useful life of 7 years, $8.5 million in non-compete agreements and $8.2 million in customer relationships, each with an estimate useful life of 2 years, and $2.4 million in trademarks with an estimated useful life of 5 years. Fair values of intangible assets were determined using income approaches, including the relief from royalty, and the cost approach.

IDQ’s revenue since the acquisition date to September 30, 2025, included in the Company’s condensed consolidated statements of operations was $9.0 million.

In July 2025, the Company acquired additional shares of IDQ, increasing the Company’s total ownership to approximately 91%. The acquisition was accounted for as an equity transaction as there was no change in control.

Lightsynq Technologies Inc.

On May 30, 2025, the Company acquired Lightsynq Technologies Inc. (“Lightsynq”) for approximately $306.8 million of total consideration (the “Lightsynq Acquisition”). The Lightsynq Acquisition was accounted for as a business combination. The acquisition supports the Company’s quantum computing and networking capabilities by expanding its quantum memory and photonic interconnects technology portfolio.

The following table summarizes the components of the purchase consideration to acquire Lightsynq (in thousands):

 

Cash

 

$

100

 

Fair value of common stock issued(1)

 

 

250,127

 

Fair value of equity awards(2)

 

 

56,604

 

Total purchase consideration

 

$

306,831

 

 

(1)
Reflects 6,200,474 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 646,986 shares held in escrow. The escrowed shares are expected to be released within 12 months after the close of the Lightsynq Acquisition, subject to reductions for indemnity claims and working capital adjustments.
(2)
Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.

The following table summarizes the preliminary fair values of Lightsynq’s assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Adjusted Fair Value

 

Cash and cash equivalents

 

$

16,854

 

 

$

—

 

 

$

16,854

 

Prepaid expenses and other current assets

 

 

123

 

 

 

—

 

 

 

123

 

Property and equipment

 

 

6,476

 

 

 

—

 

 

 

6,476

 

Intangible assets

 

 

61,200

 

 

 

6,400

 

 

 

67,600

 

Goodwill

 

 

242,260

 

 

 

(4,806

)

 

 

237,454

 

Accounts payable

 

 

(161

)

 

 

—

 

 

 

(161

)

Accrued expenses and other current liabilities

 

 

(4,621

)

 

 

6

 

 

 

(4,615

)

Deferred tax liabilities

 

 

(15,300

)

 

 

(1,600

)

 

 

(16,900

)

Total fair value of net assets acquired

 

$

306,831

 

 

$

—

 

 

$

306,831

 

 

The current period measurement period adjustments were $4.8 million, primarily related to intangible assets and deferred tax liabilities, with an offset to goodwill.

The goodwill of $237.5 million is primarily attributable to Lightsynq’s specialized assembled workforce and expected future synergies from combining operations. The Company does not expect the goodwill from this acquisition to be deductible for income tax purposes. Identifiable intangibles recognized consist of $67.6 million in developed technology with an estimated useful life of 5 years. Fair values of intangible assets were preliminarily estimated using the cost approach.

Other Acquisitions

On June 9, 2025, the Company acquired a market intelligence business for total consideration of approximately $40.6 million, including $36.2 million of stock consideration and $4.4 million of contingent consideration. The stock consideration is comprised of 903,195 shares of the Company’s common stock, of which, 47,750 shares are held in escrow and are expected to be released within 12 months after the close of the acquisition, subject to reductions for indemnity claims and working capital adjustments. The fair value of the contingent consideration was determined using a Monte Carlo simulation and is recorded within other noncurrent liabilities in the condensed consolidated balance sheets.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Adjusted Fair Value

 

Cash and cash equivalents

 

$

1,950

 

 

$

—

 

 

$

1,950

 

Accounts receivable

 

 

559

 

 

 

—

 

 

 

559

 

Prepaid expenses and other current assets

 

 

41

 

 

 

—

 

 

 

41

 

Intangible assets

 

 

13,400

 

 

 

—

 

 

 

13,400

 

Goodwill

 

 

30,092

 

 

 

203

 

 

 

30,295

 

Accounts payable

 

 

(769

)

 

 

—

 

 

 

(769

)

Accrued expenses and other current liabilities

 

 

(117

)

 

 

(203

)

 

 

(320

)

Unearned revenue

 

 

(997

)

 

 

—

 

 

 

(997

)

Deferred tax liabilities

 

 

(3,550

)

 

 

—

 

 

 

(3,550

)

Total fair value of net assets acquired

 

$

40,609

 

 

$

—

 

 

$

40,609

 

The goodwill of $30.3 million is primarily attributable to expected future synergies from combining operations. The Company does not expect the goodwill from this acquisition to be deductible for income tax purposes. Identifiable intangibles recognized consist of $12.2 million in customer relationships and $1.2 million in trademarks, each with an estimated useful life of 7 years. Fair values of intangible assets were determined using a benchmarking approach based on comparable transactions with the acquired business' industry peer group.

Pro Forma Results of Operations

The following table summarizes the unaudited pro forma consolidated revenue of the Company as if each of the acquisitions described above had been completed on January 1, 2024 (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

41,628

 

 

$

30,724

 

 

$

100,661

 

 

$

79,596

 

 

The pro forma information is not necessarily indicative of the results of operations that would have occurred had the acquisitions been made at the beginning of the periods presented or the future results of the combined operations. Unaudited pro forma consolidated net loss is not presented as the impacts are not significant to our condensed consolidated financial statements.

2024 Acquisition

Qubitekk Federal, LLC

On December 27, 2024, the Company acquired Qubitekk Federal, LLC (“Qubitekk”) for total consideration of approximately $22.1 million in cash, of which $15.5 million was paid at closing, with the remainder to be paid over the 18 months following the acquisition date, subject to reductions for indemnities, working capital adjustments, and certain other conditions that existed at the acquisition date. The holdback liabilities are recorded in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The acquisition supports the Company’s quantum networking capabilities by expanding its quantum networking expertise and technology portfolio. The Company incurred approximately $1.5 million in acquisition costs, which were primarily related to fees associated with financial and legal advisors and were recorded in general and administrative expenses in the condensed consolidated statements of operations for the year ended December 31, 2024.

The purchase price allocation is preliminary and subject to change. Upon completion of the final purchase price allocation, the final fair values of assets acquired and liabilities assumed and resulting goodwill may differ materially from the preliminary assessment. The Company has estimated the preliminary fair values of Qubitekk assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information pertaining to events or circumstances present at the acquisition date becomes available during the measurement period. The current period adjustments were $0.8 million, primarily related intangible assets, with an offset to goodwill. The following table summarizes the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Updated Preliminary Fair Value

 

Accounts receivable

 

$

400

 

 

$

(24

)

 

$

376

 

Prepaid expenses and other current assets

 

 

531

 

 

 

340

 

 

 

871

 

Intangible assets

 

 

11,900

 

 

 

(1,050

)

 

 

10,850

 

Goodwill

 

 

9,220

 

 

 

772

 

 

 

9,992

 

Other noncurrent assets

 

 

3

 

 

 

—

 

 

 

3

 

Unearned revenue

 

 

—

 

 

 

(25

)

 

 

(25

)

Total fair value of net assets acquired

 

$

22,054

 

 

$

13

 

 

$

22,067

 

 

The goodwill of $10.0 million is primarily attributable to Qubitekk’s specialized assembled workforce and expected future synergies from combining operations. The Company expects the goodwill from this acquisition will be deductible for income tax purposes. Identifiable intangibles recognized consist of $5.9 million in customer relationships, $4.0 million in developed technology, and $0.8 million in trademarks, each with estimated useful lives of 5 years, and $0.2 million in backlog with an estimated useful life of 1 year. Fair values of intangible assets were determined using income approaches, including the relief from royalty and multi-period excess earnings methods.

The Company has included the revenue and expenses of Qubitekk in its condensed consolidated financial statements from the date of acquisition. No summarized unaudited pro forma results are provided for the Qubitekk acquisition due to the immateriality of this acquisition relative to the Company’s condensed consolidated financial position and results of operations.
v3.25.3
Cash, Cash Equivalents, Restricted Cash And Investments
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Investments

4. CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND INVESTMENTS

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash, and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Cash and money market funds

 

$

301,408

 

 

$

—

 

 

$

—

 

 

$

301,408

 

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

Corporate notes and bonds

 

 

3,479

 

 

 

4

 

 

 

—

 

 

 

3,483

 

 

 

45,823

 

 

 

22

 

 

 

(53

)

 

 

45,792

 

U.S. government and agency

 

 

1,185,012

 

 

 

1,454

 

 

 

(99

)

 

 

1,186,367

 

 

 

287,084

 

 

 

319

 

 

 

(118

)

 

 

287,285

 

Total cash, cash
   equivalents, restricted
   cash and investments

 

$

1,489,899

 

 

$

1,458

 

 

$

(99

)

 

$

1,491,258

 

 

$

366,111

 

 

$

341

 

 

$

(171

)

 

$

366,281

 

 

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

As of September 30, 2025

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

U.S. government and agency

 

$

148,664

 

 

$

(96

)

 

$

13,696

 

 

$

(3

)

 

$

162,360

 

 

$

(99

)

Total

 

$

148,664

 

 

$

(96

)

 

$

13,696

 

 

$

(3

)

 

$

162,360

 

 

$

(99

)

 

 

As of December 31, 2024

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Corporate notes and bonds

 

$

—

 

 

$

—

 

 

$

24,396

 

 

$

(53

)

 

$

24,396

 

 

$

(53

)

U.S. government and agency

 

 

67,600

 

 

 

(111

)

 

 

3,987

 

 

 

(7

)

 

 

71,587

 

 

 

(118

)

Total

 

$

67,600

 

 

$

(111

)

 

$

28,383

 

 

$

(60

)

 

$

95,983

 

 

$

(171

)

 

The Company did not have any allowance for credit losses as of either September 30, 2025 or December 31, 2024. The Company neither intends to, nor believes that it is more likely than not that it will be required to, sell its investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash, cash equivalents, restricted cash, and investments in available-for-sale securities as of September 30, 2025, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

 

 

1 Year
or Less

 

 

Greater than
1 Year

 

 

Total

 

Cash and money market funds

 

$

295,621

 

 

$

5,787

 

 

$

301,408

 

Corporate notes and bonds

 

 

3,483

 

 

 

—

 

 

 

3,483

 

U.S. government and agency

 

 

783,764

 

 

 

402,603

 

 

 

1,186,367

 

Total

 

$

1,082,868

 

 

$

408,390

 

 

$

1,491,258

 
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

September 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

301,408

 

 

$

—

 

 

$

—

 

 

$

301,408

 

U.S. government and agency

 

 

—

 

 

 

50,914

 

 

 

—

 

 

 

50,914

 

Total cash, cash equivalents and restricted cash

 

$

301,408

 

 

$

50,914

 

 

$

—

 

 

$

352,322

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

3,483

 

 

 

—

 

 

 

3,483

 

U.S. government and agency

 

 

—

 

 

 

732,850

 

 

 

—

 

 

 

732,850

 

Total short-term investments

 

$

—

 

 

$

736,333

 

 

$

—

 

 

$

736,333

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency

 

 

—

 

 

 

402,603

 

 

 

—

 

 

 

402,603

 

Total long-term investments

 

$

—

 

 

$

402,603

 

 

$

—

 

 

$

402,603

 

Total assets

 

$

301,408

 

 

$

1,189,850

 

 

$

—

 

 

$

1,491,258

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

86,299

 

 

$

—

 

 

$

1,681,933

 

 

$

1,768,232

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

U.S. government and agency

 

 

—

 

 

 

23,636

 

 

 

—

 

 

 

23,636

 

Total cash, cash equivalents and restricted cash

 

$

33,204

 

 

$

23,636

 

 

$

—

 

 

$

56,840

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

43,868

 

 

 

—

 

 

 

43,868

 

U.S. government and agency

 

 

—

 

 

 

242,028

 

 

 

—

 

 

 

242,028

 

Total short-term investments

 

$

—

 

 

$

285,896

 

 

$

—

 

 

$

285,896

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

1,924

 

 

 

—

 

 

 

1,924

 

U.S. government and agency

 

 

—

 

 

 

21,621

 

 

 

—

 

 

 

21,621

 

Total long-term investments

 

$

—

 

 

$

23,545

 

 

$

—

 

 

$

23,545

 

Total assets

 

$

33,204

 

 

$

333,077

 

 

$

—

 

 

$

366,281

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

70,688

 

 

$

—

 

 

$

—

 

 

$

70,688

 

 

(1)
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company’s financial guarantees and certain other obligations.

The Company’s warrant liabilities are comprised of the public warrants and Series A private warrants. The Series A prefunded warrants were fully exercised as of September 30, 2025. Refer to Note 11 for further details. Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period.

The fair value of the Series A prefunded warrants and Series A private warrants (together, the “Series A Warrants”) was determined using Level 3 inputs. Management determined the fair value of the Series A Warrants using unobservable inputs in the Black-Scholes option-pricing model. Inherent in the valuation were assumptions related to the expected stock-price volatility, expected term, risk-free interest rate, and dividend yield. The Company estimated the expected volatility based on the Company’s historical and implied stock price volatility. The expected term was assumed to be equivalent to the Series A Warrants’ remaining contractual term. The risk-free interest rate was estimated using

the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term. The dividend yield was based on the historical rate, which the Company anticipates remaining at zero.

The assumptions used to estimate the fair value of the Series A Warrants during the period are as follows:

 

 

 

September 30, 2025

 

 

July 9, 2025

 

 

Risk-free interest rate

 

 

3.87

%

 

 

4.07

%

 

Expected term (in years)

 

6.78

 

 

 

7.00

 

 

Expected volatility

 

 

95.00

%

 

 

95.00

%

 

Dividend yield

 

 

—

%

 

 

—

%

 

Privately-Held Securities

During fiscal year 2025, the Company entered into certain agreements (“Investment Agreements”) to purchase convertible debt securities and SAFE investments of privately-held companies (each, an “Investee”). As of September 30, 2025, the total amount of privately-held securities included in other noncurrent assets on the condensed consolidated balance sheet was $28.0 million, including $23.0 million of convertible debt securities classified as available-for-sale investments and $5.0 million of SAFE investments. The Company did not record any material adjustments or impairments for the privately-held securities held as of September 30, 2025. The fair value of convertible debt securities is based on unobservable inputs and is classified as Level 3 in the hierarchy.

In connection with the Investment Agreements, each Investee and the Company entered into a commercial contract for access to the Company’s products and services. The Company assessed the commercial contracts under the guidance within ASC 606, Revenue from Contracts with Customers, as well as the commercial substance of the arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under the contract. Based on its assessment, the Company concluded the commercial contracts are within the scope of ASC 606 and the Company will apply the principles within ASC 606 to measure and recognize revenue. During the three and nine months ended September 30, 2025, the Company recognized $0.9 million of revenue from the commercial contracts.
v3.25.3
Property And Equipment, Net
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property And Equipment, Net

6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net is composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Quantum computing systems

 

$

43,516

 

 

$

38,374

 

Satellites

 

 

54,755

 

 

 

—

 

Leasehold improvements

 

 

25,051

 

 

 

17,921

 

Machinery, equipment, furniture and fixtures

 

 

32,237

 

 

 

16,683

 

Computer equipment and acquired computer software

 

 

10,227

 

 

 

7,395

 

Gross property and equipment

 

 

165,786

 

 

 

80,373

 

Less: accumulated depreciation

 

 

(46,222

)

 

 

(27,612

)

Total property and equipment, net

 

$

119,564

 

 

$

52,761

 

 

Depreciation expense for the three months ended September 30, 2025 and 2024, was $9.3 million and $3.5 million, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024, was $18.9 million and $9.1 million, respectively.
v3.25.3
Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets, Net

7. INTANGIBLE ASSETS, NET

Intangible assets, net is composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Developed technology

 

$

596,041

 

 

$

4,293

 

Customer relationships

 

 

30,830

 

 

 

7,700

 

Internal-use software

 

 

26,670

 

 

 

21,301

 

Trademark

 

 

19,960

 

 

 

377

 

Non-compete agreements

 

 

8,781

 

 

 

—

 

Patents

 

 

7,344

 

 

 

7,112

 

Website and other

 

 

377

 

 

 

227

 

Gross intangible assets

 

 

690,003

 

 

 

41,010

 

Less: accumulated amortization

 

 

(34,094

)

 

 

(11,541

)

Total intangible assets, net

 

$

655,909

 

 

$

29,469

 

 

Amortization expense for the three months ended September 30, 2025 and 2024, was $14.9 million and $1.4 million, respectively. Amortization expense for the nine months ended September 30, 2025 and 2024, was $22.5 million and $4.1 million, respectively.
v3.25.3
Other Balance Sheet Accounts
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Balance Sheet Accounts

8. OTHER BALANCE SHEET ACCOUNTS

Prepaid expenses and other current assets are composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Materials and supplies, net

 

$

48,761

 

 

$

18,658

 

Inventories, net

 

 

8,661

 

 

 

—

 

Prepaid expenses

 

 

8,791

 

 

 

4,890

 

Accrued interest receivable

 

 

9,495

 

 

 

2,221

 

Other current assets

 

 

20,317

 

 

 

2,556

 

Total prepaid expenses and other current assets

 

$

96,025

 

 

$

28,325

 

 

Accrued expenses and other current liabilities are composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Accrued salaries and other payroll liabilities

 

$

39,150

 

 

$

10,368

 

Accrued professional services and transaction costs

 

 

26,464

 

 

 

936

 

Acquisition holdback liabilities

 

 

5,600

 

 

 

3,300

 

Accrued equipment and facilities liabilities

 

 

12,137

 

 

 

534

 

Accrued expenses—other

 

 

8,505

 

 

 

1,673

 

Total accrued expenses and other current liabilities

 

$

91,856

 

 

$

16,811

 
v3.25.3
Inventories, Net
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventories, Net

9. INVENTORIES, NET

Inventories, net is composed of the following (in thousands):

 

 

September 30,

 

 

2025

 

Raw materials

 

$

7,300

 

Work-in-process

 

 

7

 

Finished goods

 

 

1,354

 

Total inventories, net

 

$

8,661

 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies

10. COMMITMENTS AND CONTINGENCIES

From time to time, the Company may become subject to litigation and other legal or administrative proceedings arising in the ordinary course of business. When the Company becomes aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. In accordance with authoritative guidance, the Company records loss contingencies in its financial statements only for matters with respect to which losses are probable and can be reasonably estimated. If the loss is not probable or the amount of loss cannot be reasonably estimated, the Company discloses the nature of the specific claim if the likelihood of a potential loss is reasonably possible and the amount involved is material. The Company continuously assesses the potential liability related to its pending litigation and revises its estimates when additional information becomes available. While it is not possible to predict the outcome of any such matter, based on its assessment of the facts and circumstances, the Company does not believe that any such matter, individually or in the aggregate, will have a material adverse effect on its balance sheet, results of operations or cash flows in a future period, and there were no legal proceedings pending other than those for which we have determined that the possibility of a material outflow is remote.

Warranties

The Company’s commercial services are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company’s documentation under normal use and circumstances.

The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe third-party intellectual property rights. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements.

Indemnities

In the ordinary course of business, the Company may provide indemnities of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company or intellectual property infringement claims made by third parties. While the Company’s future obligations under certain of these agreements may contain limitations on liability for indemnification, other agreements do not contain such limitations and under such agreements it is not possible to predict the maximum potential amount of future payments due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under such indemnities have not had a material effect on the Company’s business, financial condition, results of operations or cash flows. Additionally, the Company does not believe that any amounts that it may be required to pay under these indemnities in the future will be material to the Company’s business, financial position, results of operations, or cash flows.

v3.25.3
Warrants
 9 Months Ended
Sep. 30, 2025
Warrants [Abstract]  
Warrants

11. WARRANTS

In July 2025, the Company issued 3,855,557 Series A prefunded warrants and 36,042,530 Series A private warrants. Each Series A prefunded warrant and Series A private warrant entitles the holder to purchase one share of common stock at a price of $0.0001 per share and $99.88 per share, respectively. As of September 30, 2025, there were no Series A prefunded warrants outstanding and there were 36,042,530 Series A private warrants outstanding. The Series A private warrants are classified as liabilities and remeasured at each reporting period. Refer to Note 12 for further details.

In September 2021, the Company assumed 7,500,000 public warrants. As of September 30, 2025, there were 1,737,441 public warrants to purchase the Company’s common stock outstanding. Each warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share. The public warrants are classified as liabilities and remeasured at each reporting period. No public warrants have been redeemed by the Company as of September 30, 2025.

In November 2019, contemporaneously with a revenue arrangement, the Company entered into a contract, pursuant to which the Company agreed to issue warrants to a customer (the "Warrant Shares"), subject to certain vesting events. In August 2020, 543,152 of the Warrant Shares vested and became immediately exercisable. The exercise price for the vested Warrant Shares is $1.38 per share and the warrant is exercisable through November 2029. Effective November 2024, no additional Warrant Shares can vest pursuant to the terms of the warrant agreement.
v3.25.3
Equity Offerings
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity Offerings

12. EQUITY OFFERINGS

In February 2025, in connection with the commencement of an “at the market” offering program, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Morgan Stanley & Co. LLC and Needham & Company, LLC, as sales agents (the “Sales Agents”), pursuant to which the Company could offer and sell, from time to time, through or to the Sales Agents, shares of the Company’s common stock, par value $0.0001 per share, having an aggregate gross offering price of up to $500 million (the “2025 ATM Offering Program”). The Sales Agents were entitled to a commission of up to 3.25% of the gross proceeds of all shares sold under the Equity

Distribution Agreement. On March 10, 2025, the Company terminated the Equity Distribution Agreement, after which no further shares could be sold through the 2025 ATM Offering Program. Prior to its termination on March 10, 2025, the Company sold a total of 16,038,460 shares of common stock through the 2025 ATM Offering Program for an aggregate purchase price of $358.3 million, net of issuance costs of $14.3 million.

On July 7, 2025, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC providing for the offer and sale of 14,165,708 shares of the Company’s common stock, par value $0.0001 per share, at a price of $55.49 per share; 3,855,557 Series A prefunded warrants, at a price of $55.49 less the Series A prefunded warrants exercise price; and 36,042,530 Series A private warrants at no additional consideration. The Warrants are exercisable immediately upon issuance and from time to time thereafter through and including July 9, 2032. Refer to Note 11 for further details. The offering closed on July 9, 2025 for aggregate proceeds of $977.2 million, net of issuance costs of $22.8 million. Issuance costs were allocated to the liability-classified Series A Warrants and expensed upon completion of the equity offering.

v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

13. REVENUE

Disaggregated Revenue

The Company’s revenue disaggregated by revenue source is as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Quantum computing and networking hardware

 

$

21,584

 

 

$

6,345

 

 

$

39,673

 

 

$

17,301

 

Platform, consulting and support services

 

 

18,282

 

 

 

6,055

 

 

 

28,453

 

 

 

14,062

 

Total revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

 

The Company’s revenue disaggregated by customer location is as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

28,742

 

 

$

11,895

 

 

$

49,748

 

 

$

29,910

 

International

 

 

11,124

 

 

 

505

 

 

 

18,378

 

 

 

1,453

 

Total revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

Remaining Performance Obligations

As of September 30, 2025, approximately $141.1 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The Company expects approximately 55% of the remaining performance obligations to be recognized as revenue within the next twelve months.

Unearned Revenue

The following table summarizes the changes in unearned revenue for the nine months ended September 30, 2025 (in thousands):

 

Total

 

Balance as of December 31, 2024

 

$

10,678

 

Revenue recognized

 

 

(10,214

)

New deferrals, net

 

 

24,775

 

Balance as of September 30, 2025

 

$

25,239

 
v3.25.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Stock-Based Compensation

14. STOCK-BASED COMPENSATION

Equity Incentive Plans

The Company sponsors the 2015 Equity Incentive Plan (the “2015 Plan”), which provided for the grant of share-based compensation to certain officers, directors, employees, consultants, and advisors. Subsequent to September 2021, no further awards were made pursuant to the 2015 Plan. For awards granted under the 2015 Plan, vesting generally occurs over four to five years from the date of grant.

The Company also sponsors the 2021 Equity Incentive Plan (the “2021 Plan”), which provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, performance awards and other forms of awards to employees, directors, and consultants. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each year, through and including January 1, 2031, by 5% of the fully diluted number of shares of common stock (as defined in the 2021 Plan) outstanding on December 31 of the preceding year, or a lesser number of shares determined by the Company’s board of directors prior to such increase. As of January 1, 2025, the number of shares reserved for issuance under the 2021 Plan increased by 14,532,010. For awards granted under the 2021 Plan, vesting terms range from less than one year to four years from the date of grant. As of September 30, 2025, the Company had 28,460,721 shares available for grant under the 2021 Plan.

In May 2025, in connection with the Lightsynq Acquisition, the Company assumed the Lightsynq Technologies Inc. 2024 Equity Incentive Plan (the “Lightsynq Plan”). Upon closing of the Lightsynq Acquisition, no further awards were made pursuant to the Lightsynq Plan and certain outstanding Lightsynq stock options under the Lightsynq Plan were assumed by the Company. Such stock options granted under the Lightsynq Plan will continue to be governed by the terms of the Lightsynq Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire. For awards granted under the Lightsynq Plan, vesting generally occurs over four years from the date of grant. As of September 30, 2025, the Company had no shares available for grant under the Lightsynq Plan.

Under each equity incentive plan, all options granted have a contractual term of 10 years.

Stock Options

The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. The assumptions used to estimate the fair value of stock options are as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

—

%

 

 

—

%

 

 

4.07

%

 

 

4.31

%

Expected term (in years)

 

 

—

 

 

 

—

 

 

 

5.89

 

 

 

6.00

 

Expected volatility

 

 

—

%

 

 

—

%

 

 

86.79

%

 

 

79.33

%

Dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

 

The stock option activity is summarized in the following table:

 

 

 

Number of
Option
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

Outstanding as of December 31, 2024

 

 

16,687,129

 

 

$

2.40

 

 

 

 

 

 

 

Replacement awards(1)

 

 

1,747,622

 

 

 

4.36

 

 

 

 

 

 

 

Exercised

 

 

(10,272,027

)

 

 

1.20

 

 

 

 

 

 

 

Cancelled/ Forfeited

 

 

(432,952

)

 

 

2.66

 

 

 

 

 

 

 

Outstanding as of September 30, 2025

 

 

7,729,772

 

 

$

4.42

 

 

 

5.85

 

 

$

441.20

 

Exercisable as of September 30, 2025

 

 

5,550,278

 

 

$

5.21

 

 

 

4.78

 

 

$

312.42

 

Exercisable and expected to vest as of September 30, 2025

 

 

7,729,772

 

 

$

4.42

 

 

 

5.85

 

 

$

441.20

 

 

(1)
In connection with certain acquisitions, the Company converted certain outstanding stock options of the acquirees into stock options to acquire common stock of the Company, for which $11.3 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.

Restricted Stock Units

The Company’s RSU activity is summarized in the following table:

 

 

 

Number of
RSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

14,509,717

 

 

$

9.54

 

 

 

 

Granted

 

 

6,409,003

 

 

 

36.92

 

 

 

 

Vested

 

 

(5,952,489

)

 

 

12.04

 

 

 

 

Forfeited

 

 

(1,138,230

)

 

 

11.77

 

 

 

 

Outstanding as of September 30, 2025

 

 

13,828,001

 

 

$

20.96

 

 

 

2.46

 

Expected to vest after September 30, 2025

 

 

13,828,001

 

 

$

20.96

 

 

 

2.46

 

 

During the nine months ended September 30, 2025 and 2024, the Company released 206,316 and 1,064,518 RSUs, respectively, related to the settlement of an accrued bonus liability.

Performance-Based Restricted Stock Units

From fiscal year 2023 to fiscal year 2025, the Company granted performance-based restricted stock unit awards (“PSUs”) to certain officers, employees, and consultants, which vest over approximately two to four years. The number of shares that can be earned will range from 0% to 300% of the target number of shares, based on the Company’s achievement of certain financial and technical goals, as well as a stock price hurdle requirement for a portion of the awards. In the event that the stock price hurdle is not met at the time the PSUs vest, the maximum PSU opportunity shall be limited to target (100%) performance.

During fiscal year 2025, the Company granted PSU awards to certain officers and employees, which vest over three years. The number of shares that can be earned will range from 0% to 200% of the target number of shares based on the Company’s achievement of certain performance goals.

The number of PSUs expected to vest and for which compensation cost has been recognized is based on the number of awards that the Company believes are probable of vesting as of September 30, 2025.

For those PSUs subject to the stock price hurdle, the fair value was determined using a Monte Carlo simulation model. The Monte Carlo simulation model requires estimates of subjective assumptions, which affect the fair value of each PSU. The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

—

%

 

 

—

%

 

 

3.79

%

 

 

4.86

%

Contractual term (in years)

 

 

—

 

 

 

—

 

 

 

1.72

 

 

 

2.69

 

Expected volatility

 

 

—

%

 

 

—

%

 

 

104.32

%

 

 

85.00

%

Dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

 

The PSU activity is summarized in the following table, based on awards at target:

 

 

 

Number of
PSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

3,972,257

 

 

$

16.17

 

 

 

 

Granted

 

 

2,757,511

 

 

 

36.48

 

 

 

 

Vested

 

 

(619,874

)

 

 

16.77

 

 

 

 

Forfeited

 

 

(456,445

)

 

 

15.08

 

 

 

 

Outstanding as of September 30, 2025

 

 

5,653,449

 

 

$

26.10

 

 

 

1.84

 

Expected to vest after September 30, 2025(1)

 

 

12,929,029

 

 

$

24.27

 

 

 

1.79

 

 

 

(1)
Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company’s probability assessment of expected performance during the performance period.

Restricted Stock

The restricted stock activity is summarized in the following table:

 

 

 

Number of
Restricted Stock

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

—

 

 

$

—

 

 

 

 

Replacement awards(1)

 

 

6,176,959

 

 

 

40.34

 

 

 

 

Vested

 

 

(1,927,662

)

 

 

40.34

 

 

 

 

Outstanding as of September 30, 2025

 

 

4,249,297

 

 

 

40.34

 

 

 

4.51

 

Expected to vest after September 30, 2025

 

 

4,249,297

 

 

$

40.34

 

 

 

4.51

 

 

(1)
In connection with certain acquisitions, the Company converted certain outstanding restricted stock of the acquirees into restricted stock of the Company, for which $48.1 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.

Stock-Based Compensation Expense

Total stock-based compensation expense for stock option awards, RSUs, PSUs, and restricted stock which are included in the condensed consolidated financial statements, is as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenue

 

$

4,247

 

 

$

1,332

 

 

$

7,125

 

 

$

3,392

 

Research and development

 

 

31,766

 

 

 

13,907

 

 

 

125,392

 

 

 

37,840

 

Sales and marketing

 

 

6,560

 

 

 

2,929

 

 

 

16,488

 

 

 

8,157

 

General and administrative

 

 

30,372

 

 

 

6,399

 

 

 

56,361

 

 

 

18,218

 

Stock-based compensation, net of amounts capitalized

 

 

72,945

 

 

 

24,567

 

 

 

205,366

 

 

 

67,607

 

Capitalized stock-based compensation—Property and equipment, net
    and Intangible assets, net

 

 

1,678

 

 

 

1,468

 

 

 

3,681

 

 

 

4,214

 

Total stock-based compensation

 

$

74,623

 

 

$

26,035

 

 

$

209,047

 

 

$

71,821

 

Unrecognized Stock-Based Compensation

A summary of the Company’s remaining unrecognized compensation expense and the weighted-average remaining amortization period as of September 30, 2025, related to its non-vested RSUs, PSUs, restricted stock, and stock option awards is presented below (in millions, except time period amounts):

 

 

 

Unrecognized
Expense

 

 

Weighted-
Average
Amortization
Period (Years)

 

Restricted stock units

 

$

274.3

 

 

 

2.9

 

Performance-based restricted stock units

 

 

237.9

 

 

 

2.1

 

Restricted stock

 

 

142.6

 

 

 

4.5

 

Stock options

 

 

47.5

 

 

 

3.0

 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Taxes

15. INCOME TAXES

An income tax benefit of $4.4 million and $19.7 million was recognized for the three and nine months ended September 30, 2025, respectively, resulting from a partial release of U.S. federal and state valuation allowances, which was recorded as a discrete item due to the

deferred tax liabilities related to identifiable intangibles from the Lightsynq Acquisition and Capella Acquisition. Income tax expense, due to the Company’s international operations, was less than $0.1 million for the three and nine months ended September 30, 2024. The effective tax rate for each period differs from the statutory rate primarily as a result of not recognizing a deferred tax asset for losses due to having a valuation allowance against deferred tax assets.

The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a valuation allowance against the net deferred tax assets as of September 30, 2025, and December 31, 2024. The Company intends to maintain the remaining valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law. The legislation did not have a material impact on our income tax expense the three and nine months ended September 30, 2025, and we do not expect it to materially change our effective income tax rate for 2025.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases

16. LEASES

The Company has operating leases for its various facilities. As of September 30, 2025 and December 31, 2024, the Company’s weighted-average remaining lease term was 4.7 years and 5.2 years, respectively. As of September 30, 2025 and December 31, 2024, the weighted-average discount rate was 7.6% and 8.2%, respectively.

The components of lease cost were as follows (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease cost(1)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed lease cost

 

$

1,614

 

 

$

672

 

 

$

3,273

 

 

$

1,846

 

Short-term cost

 

 

818

 

 

 

67

 

 

 

1,049

 

 

 

147

 

Total operating lease cost

 

$

2,432

 

 

$

739

 

 

$

4,322

 

 

$

1,993

 

 

(1)
The lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenue

 

$

520

 

 

$

64

 

 

$

785

 

 

$

187

 

Research and development

 

 

614

 

 

 

461

 

 

 

1,793

 

 

 

1,198

 

Sales and marketing

 

 

55

 

 

 

60

 

 

 

290

 

 

 

116

 

General and administrative

 

 

1,243

 

 

 

154

 

 

 

1,454

 

 

 

492

 

Total operating lease cost

 

$

2,432

 

 

$

739

 

 

$

4,322

 

 

$

1,993

 

 

Supplemental cash flow and other information related to operating leases was as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash payments (receipts) included in the measurement of
   operating lease liabilities, net of lease incentives

 

$

1,940

 

 

$

(835

)

 

$

3,483

 

 

$

(2,932

)

 

 

As of September 30, 2025, maturities of operating lease liabilities are as follows (in thousands):

 

Amount

 

Year Ending December 31,

 

 

 

2025

 

$

2,313

 

2026

 

 

8,872

 

2027

 

 

7,576

 

2028

 

 

5,864

 

2029

 

 

4,578

 

Thereafter

 

 

4,879

 

Total lease payments

 

$

34,082

 

Less: imputed interest

 

 

(5,566

)

Present value of operating lease liabilities

 

$

28,516

 

v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

17. SEGMENT INFORMATION

The Company operates as one operating segment as its Chairman and Chief Executive Officer, who is the chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Consolidated net loss as reported on the condensed consolidated statements of operations is used to evaluate performance and allocate resources. The following table presents revenue, significant expenses, and segment profit and loss (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses excluding stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

 

17,006

 

 

 

5,183

 

 

 

26,770

 

 

 

12,160

 

Research and development

 

 

34,532

 

 

 

19,271

 

 

 

84,218

 

 

 

58,910

 

Sales and marketing

 

 

7,881

 

 

 

3,701

 

 

 

17,440

 

 

 

11,311

 

General and administrative

 

 

52,133

 

 

 

7,923

 

 

 

98,057

 

 

 

23,177

 

Stock-based compensation

 

 

72,945

 

 

 

24,567

 

 

 

205,366

 

 

 

67,607

 

Depreciation and amortization

 

 

24,182

 

 

 

4,890

 

 

 

41,359

 

 

 

13,150

 

Other segment items:

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on change in fair value of warrant liabilities

 

 

881,847

 

 

 

3,868

 

 

 

882,930

 

 

 

(11,398

)

Interest income, net

 

 

(14,437

)

 

 

(4,508

)

 

 

(26,469

)

 

 

(14,108

)

Offering costs associated with warrants

 

 

22,847

 

 

 

—

 

 

 

22,847

 

 

 

—

 

Other (income) expense, net

 

 

980

 

 

 

(15

)

 

 

697

 

 

 

164

 

Income tax (benefit) expense

 

 

(4,438

)

 

 

16

 

 

 

(19,695

)

 

 

39

 

Net loss

 

$

(1,055,612

)

 

$

(52,496

)

 

$

(1,265,394

)

 

$

(129,649

)
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

18. SUBSEQUENT EVENTS

On October 2, 2025, the Company completed the acquisition of Vector Atomic, Inc., a leading quantum sensing company based in California, for 6,080,379 shares of common stock, subject to customary post-closing adjustments. Due to the limited time between the acquisition date and the Company’s filing of this Quarterly Report on Form 10-Q, the initial accounting for the business combination is incomplete and the Company is not yet able to disclose the preliminary amounts to be recognized as of the acquisition date for assets acquired and liabilities assumed.

On October 10, 2025, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC, providing for the offer and sale of 16,500,000 shares of the Company’s common stock, par value $0.0001 per share, at a price of $93.00 per share; 5,005,400 pre-funded warrants to purchase an aggregate of 5,005,400 shares of common stock at a price to the public of $93.00 less the pre-funded warrant exercise price; and 43,010,800 Series B warrants to purchase 43,010,800 shares of the Company’s common stock at no additional consideration. The offering closed on October 14, 2025, for aggregate proceeds of approximately $1,980.0 million, net of certain issuance costs.
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2024, and the notes thereto, are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below.

Basis of Preparation

Basis of Preparation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and majority-owned and wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. For consolidated non-wholly-owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of income and equity that is not attributable to the Company.
Unaudited Interim Financial Information

Unaudited Interim Financial Information

The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2024, included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three or nine months ended September 30, 2025, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2025, or thereafter. All references to September 30, 2025 and 2024, in the notes to the condensed consolidated financial statements are unaudited.

Use of Estimates

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes.

Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: standalone selling price for revenue arrangements with multiple performance obligations, total expected costs for revenue arrangements recognized over time under the cost-to-cost percentage of completion model, capitalization of quantum computing system and satellite costs, useful lives for quantum computing systems and satellites, estimates of the fair value of intangible assets acquired in business combinations, estimates of the fair value of warrant liabilities, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates.

Foreign Currency

Foreign Currency

The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s condensed consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the condensed consolidated statements of operations.
Fair Value Measurements

Fair Value Measurements

The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•
Level 1—Observable inputs, which include quoted prices in active markets;
•
Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability. Assets that are measured using unobservable inputs, including investments in convertible debt securities of privately-held companies, use the market or income approach and may involve pricing models whose inputs require significant judgment or estimation. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. Liabilities that are measured using unobservable inputs, including warrant liabilities, use the Black-Scholes-Merton (“Black-Scholes”) option-pricing model and may involve inputs which require significant judgment or estimation, including expected volatility.

Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value upon initial recognition when acquired through a business combination or an asset acquisition or when they are considered to be impaired. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Due to their short-term nature, the carrying amounts reported in the Company’s condensed consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash and checking deposits, money market funds, and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. Restricted cash for collateralizing letters of credit and certain other obligations is included in prepaid expenses and other current assets and other noncurrent assets in the condensed consolidated balance sheets. The Company issues financial guarantees, including letters of credit, in the ordinary course of business, including for lease arrangements and regulatory requirements. Letters of credit totaling $5.2 million and $2.1 million were outstanding as of September 30, 2025 and December 31, 2024, respectively.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

346,032

 

 

$

54,393

 

Restricted cash

 

 

6,290

 

 

 

2,447

 

Total cash, cash equivalents and restricted cash in the
   condensed consolidated statements of cash flows

 

$

352,322

 

 

$

56,840

 
Accounts Receivable and Allowance for Credit Losses

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Billed accounts receivable

 

$

12,578

 

 

$

6,516

 

Unbilled accounts receivable

 

 

24,334

 

 

 

3,672

 

Total accounts receivable

 

$

36,912

 

 

$

10,188

 

 

On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable.

Allowances for credit losses were not material as of either September 30, 2025 or December 31, 2024.

Inventories, Net

Inventories, Net

Inventories are stated at the lower of cost or net realizable value, with cost computed using the weighted-average cost basis, and are recorded in prepaid expenses and other current assets in the condensed consolidated balance sheet. Inventories are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company’s current and future strategic plans, risk of technological obsolescence, and general market conditions. During the three and nine months ended September 30, 2025, excess and obsolescence charges were not material.
Materials and Supplies, Net

Materials and Supplies, Net

Materials and supplies, including spare parts, are carried at average cost and recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. Materials and supplies used in the production of quantum computing systems and satellites are

capitalized to property and equipment when installed. Materials and supplies used to support customer contracts, for maintenance, or for research and development efforts are expensed when consumed. The Company capitalized $5.9 million and $1.9 million of materials and supplies to property and equipment for the three months ended September 30, 2025 and 2024, respectively, and $10.1 million and $4.5 million of materials and supplies to property and equipment for the nine months ended September 30, 2025 and 2024, respectively.

Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. During the three and nine months ended September 30, 2025, excess and obsolescence charges were $0.7 million and $1.2 million, respectively, and during the three and nine months ended September 30, 2024, excess and obsolescence charges were $1.0 million and $1.1 million, respectively.

Investments

Investments

Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the condensed consolidated balance sheets in accumulated other comprehensive income loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the condensed consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the condensed consolidated balance sheets in prepaid expenses and other current assets.

The Company also invests in privately-held companies, consisting of convertible debt securities and simple agreements for future equity (“SAFE”) investments and classifies these investments in accordance with the terms of the underlying securities. Investments in securities of privately-held companies are included in other noncurrent assets on the condensed consolidated balance sheet. Convertible debt securities are primarily classified as available-for-sale investments, with changes in fair value recorded in accumulated other comprehensive income (loss). To the extent the Company elects the fair value option, when applicable, changes in fair value are recorded in other income (expense), net in the condensed consolidated statements of operations. SAFE investments without a readily determinable fair value are recorded using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes in orderly transactions for identical or similar investments of the same issuer. Changes in the basis of the securities are recognized in other income (expense), net in the condensed consolidated statements of operations.

The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations.

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems, satellites, and supporting equipment are capitalized in the period the costs are incurred when it is probable that such costs will provide future economic benefit. The costs of quantum computing systems, satellites, and supporting equipment that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

4 – 7 years

Quantum computing systems

 

3 years

Satellites

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 

The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment.

Leases

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s condensed consolidated balance sheets. As of September 30, 2025, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease.

The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases.

ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases, the Company also reassesses the lease classification as of the effective date of the modification.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities.

Software Development Costs

Software Development Costs

The Company incurs software development costs for internal-use software, which the Company primarily uses to provide services to its customers, as well as for external-use software that will be part of a product to be sold, leased, or marketed.

Internal-Use Software

The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the condensed consolidated balance sheets. During the three months ended September 30, 2025 and 2024, the Company capitalized $2.0 million and $1.7 million in internal-use software costs, respectively, and during the nine months ended September 30, 2025 and 2024, the Company capitalized $5.4 million and $5.5 million, respectively. The Company amortized $1.7 million and $1.4 million of capitalized internal-use software costs during the three months ended September 30, 2025 and 2024, respectively, and $4.8 million and $3.8 million of capitalized internal-use software costs during the nine months ended September 30, 2025 and 2024, respectively.

External-Use Software

Costs incurred in researching and developing external-use software are expensed as incurred until technological feasibility is established. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to production. No external-use software costs were capitalized during any of the three or nine months ended September 30, 2025 and 2024.
Intangible Assets, Net

Intangible Assets, Net

The Company’s intangible assets include developed technology, customer relationships, intellectual property, non-compete agreements, patents, trademarks, website domain costs, and backlog. Intangible assets with identifiable useful lives are initially valued at acquisition cost and are amortized over their estimated useful lives using the straight-line method. Intangible assets with indefinite useful lives are assessed for impairment at least annually.

Goodwill

Goodwill

Goodwill is the excess of the purchase price over the fair values assigned to the net assets acquired in a business combination. The Company tests goodwill for impairment on an annual basis, which it has determined to be the first day of the fourth quarter, and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company tests goodwill qualitatively, or quantitatively, by comparing the fair value of the reporting unit with the unit’s carrying amount. No impairment loss was recognized for any of the three or nine months ended September 30, 2025 and 2024.
Business Combinations

Business Combinations

The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Goodwill as of the acquisition date represents the excess of the purchase consideration of an acquired business over the fair value of the underlying net tangible and intangible assets acquired net of liabilities assumed. The purchase consideration is determined based on the fair value of the assets transferred and liabilities assumed after considering any transactions that are separate from the business combination. Any adjustments to provisional amounts that are identified during the measurement period, not to exceed one year from the date of acquisition, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s condensed consolidated statements of operations.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. Impairment losses were not material for any of the three or nine months ended September 30, 2025 and 2024.

Warrant Liabilities

Warrant Liabilities

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, including warrant liabilities, the derivative instrument is initially recorded at its fair value on the issuance date and is then re-valued upon exercise or at each reporting date for unexercised warrants, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Revenue Recognition

Revenue Recognition

The Company derives revenue from the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from the sale of quantum networking products together with related services and maintenance, from providing access to its quantum-computing-as-a-service (“QCaaS” or “Platform” services), from consulting services related to co-developing algorithms on the quantum computing systems, and from providing satellite imagery and data from its constellation of satellites through its online platform. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To support this core principle, the Company applies the following five step approach:

1.
Identify the contract with the customer
2.
Identify the performance obligations
3.
Determine the transaction price
4.
Allocate the transaction price to the performance obligations
5.
Recognize revenue when (or as) the entity satisfies a performance obligation

Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support and the sale of quantum networking products together with related services and maintenance. Certain contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. The Company estimates the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin.

Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services as well as customer solutions for specialized satellite development capabilities, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company’s historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For performance obligations related to quantum networking products and related services, revenue is recognized at the point in time when control passes to the customer, which is generally at the shipping point based on customary incoterms, or upon completion of the required services.

The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. Additionally, the Company has determined that its contracts to provide satellite imagery and data also represent a stand-ready performance obligation. The transaction price generally consists of a fixed fee for a minimum volume of usage or images to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access or satellite imagery and data, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

For the three and nine months ended September 30, 2025 and 2024, the majority of revenue was recognized based on transfer of service over time. In arrangements with cloud service providers, the cloud service provider is considered the customer and the Company does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user.

The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service.

The variable fees associated with the QCaaS and satellite imagery and data contracts are generally billed a month in arrears. Customers also have the ability to make advance payments. Advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s condensed consolidated balance sheets.

Assets Recognized from Costs to Obtain a Contract

Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services

to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the condensed consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of September 30, 2025 and December 31, 2024, total capitalized costs were $2.1 million and $2.4 million, respectively. Amortization expense was $0.4 million for the three months ended September 30, 2025 and 2024, and $1.1 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in sales and marketing in the condensed consolidated statements of operations.

Research and Development

Research and Development

Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation, and allocated overhead costs for the Company’s research and development function. Research and development is attributable to the advancing technology research, platform and infrastructure development, and the research and development of new product iterations, including quantum computing systems and networks and satellites. Design and development efforts continue throughout the useful life of the Company’s quantum computing systems and satellites to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements.

Stock-Based Compensation

Stock-Based Compensation

The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period, and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur.

Stock-based compensation cost for restricted stock units, performance-based restricted stock units, and restricted common stock is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment.

The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period.
Income Taxes

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized.

The Company records a valuation allowance when it determines, based on available positive and negative evidence, that it is not more-likely-than-not that some portion or all of its deferred tax assets will be realized.

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash, and investments with several high credit quality financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation.

The Company’s accounts receivable are derived from customers primarily located in the U.S., including the U.S. government. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material.

Significant customers are those that represent more than 10% of the Company’s total revenue. For the three and nine months ended September 30, 2025, the Company had three significant customers that accounted for 61% of total revenue and two significant customers that accounted for 54% of total revenue, respectively. For the three and nine months ended September 30, 2024, the Company had two significant customers that accounted for 84% and 79% of total revenue, respectively.
Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive.

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

Numerator:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net loss

 

$

(1,055,612

)

 

$

(52,496

)

 

$

(1,265,394

)

 

$

(129,649

)

Less: Net loss attributable to noncontrolling interests

 

$

657

 

 

$

—

 

 

$

1,349

 

 

$

—

 

Net loss attributable to IonQ, Inc. common
   stockholders for basic and diluted net loss
   per share

 

$

(1,054,955

)

 

$

(52,496

)

 

$

(1,264,045

)

 

$

(129,649

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing net loss
   per share attributable to IonQ, Inc. common
   stockholders—basic and diluted

 

 

294,524,786

 

 

 

214,305,053

 

 

 

258,324,714

 

 

 

211,378,045

 

Net loss per share attributable to IonQ, Inc. common
   stockholders—basic and diluted

 

$

(3.58

)

 

$

(0.24

)

 

$

(4.89

)

 

$

(0.61

)

 

In periods with a reported net loss, the effect of stock options, warrants, unvested restricted stock units, unvested performance-based restricted stock units, and unvested common stock (including unvested restricted common stock) are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Common stock options outstanding

 

 

7,967,193

 

 

 

18,693,271

 

 

 

11,972,668

 

 

 

19,715,840

 

Warrants to purchase common stock

 

 

35,269,625

 

 

 

13,529,455

 

 

 

13,527,921

 

 

 

13,529,455

 

Unvested restricted stock units

 

 

14,123,062

 

 

 

16,087,407

 

 

 

14,542,660

 

 

 

16,478,732

 

Unvested performance-based restricted stock units

 

 

5,118,952

 

 

 

1,918,817

 

 

 

3,025,625

 

 

 

1,970,331

 

Unvested restricted stock

 

 

4,279,209

 

 

 

—

 

 

 

1,947,801

 

 

 

—

 

Unvested early exercised stock options

 

 

74,133

 

 

 

283,401

 

 

 

132,290

 

 

 

331,546

 

Total

 

 

66,832,174

 

 

 

50,512,351

 

 

 

45,148,965

 

 

 

52,025,904

 

 
Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional expense disclosures by public business entities in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its financial statement disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments -- Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, to introduce a practical expedient for all entities, which simplifies the calculation required for estimating credit losses and assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update to its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles -- Goodwill and Other -- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update to its consolidated financial statements and related disclosures.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

346,032

 

 

$

54,393

 

Restricted cash

 

 

6,290

 

 

 

2,447

 

Total cash, cash equivalents and restricted cash in the
   condensed consolidated statements of cash flows

 

$

352,322

 

 

$

56,840

 
Summary of Loans and Financing Receivable Accounts receivable consists of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Billed accounts receivable

 

$

12,578

 

 

$

6,516

 

Unbilled accounts receivable

 

 

24,334

 

 

 

3,672

 

Total accounts receivable

 

$

36,912

 

 

$

10,188

 
Summary of Property Plant And Equipment Useful Life

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

4 – 7 years

Quantum computing systems

 

3 years

Satellites

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 
Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

Numerator:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net loss

 

$

(1,055,612

)

 

$

(52,496

)

 

$

(1,265,394

)

 

$

(129,649

)

Less: Net loss attributable to noncontrolling interests

 

$

657

 

 

$

—

 

 

$

1,349

 

 

$

—

 

Net loss attributable to IonQ, Inc. common
   stockholders for basic and diluted net loss
   per share

 

$

(1,054,955

)

 

$

(52,496

)

 

$

(1,264,045

)

 

$

(129,649

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing net loss
   per share attributable to IonQ, Inc. common
   stockholders—basic and diluted

 

 

294,524,786

 

 

 

214,305,053

 

 

 

258,324,714

 

 

 

211,378,045

 

Net loss per share attributable to IonQ, Inc. common
   stockholders—basic and diluted

 

$

(3.58

)

 

$

(0.24

)

 

$

(4.89

)

 

$

(0.61

)

 
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Common stock options outstanding

 

 

7,967,193

 

 

 

18,693,271

 

 

 

11,972,668

 

 

 

19,715,840

 

Warrants to purchase common stock

 

 

35,269,625

 

 

 

13,529,455

 

 

 

13,527,921

 

 

 

13,529,455

 

Unvested restricted stock units

 

 

14,123,062

 

 

 

16,087,407

 

 

 

14,542,660

 

 

 

16,478,732

 

Unvested performance-based restricted stock units

 

 

5,118,952

 

 

 

1,918,817

 

 

 

3,025,625

 

 

 

1,970,331

 

Unvested restricted stock

 

 

4,279,209

 

 

 

—

 

 

 

1,947,801

 

 

 

—

 

Unvested early exercised stock options

 

 

74,133

 

 

 

283,401

 

 

 

132,290

 

 

 

331,546

 

Total

 

 

66,832,174

 

 

 

50,512,351

 

 

 

45,148,965

 

 

 

52,025,904

 

 
v3.25.3
Business Combinations (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination [Line Items]  
Summarizes Unaudited Pro Forma Consolidated Revenue

The following table summarizes the unaudited pro forma consolidated revenue of the Company as if each of the acquisitions described above had been completed on January 1, 2024 (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

41,628

 

 

$

30,724

 

 

$

100,661

 

 

$

79,596

 

 
Oxford Ionics Limited [Member]  
Business Combination [Line Items]  
Summary of Components of Purchase Consideration

The following table summarizes the components of the purchase consideration to acquire Oxford Ionics (in thousands):

 

Cash

 

$

10,000

 

Fair value of common stock issued(1)

 

 

1,579,670

 

Total purchase consideration

 

$

1,589,670

 

 

Reflects 25,372,150 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 149,169 shares withheld to cover employee tax obligations.
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of Oxford Ionics’s assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

Cash and cash equivalents

 

$

8,722

 

Accounts receivable

 

 

758

 

Prepaid expenses and other current assets

 

 

16,185

 

Property and equipment

 

 

5,334

 

Operating lease right-of-use assets

 

 

4,977

 

Intangible assets

 

 

423,581

 

Goodwill

 

 

1,261,472

 

Accounts payable

 

 

(23,339

)

Accrued expenses and other current liabilities

 

 

(11,510

)

Operating lease liabilities

 

 

(4,735

)

Unearned revenue

 

 

(1,937

)

Other noncurrent liabilities

 

 

(89,838

)

Total fair value of net assets acquired

 

$

1,589,670

 
Capella Space Corp. [Member]  
Business Combination [Line Items]  
Summary of Components of Purchase Consideration

The following table summarizes the components of the purchase consideration to acquire Capella (in thousands):

 

Cash

 

$

48,349

 

Fair value of common stock issued(1)

 

 

376,483

 

Total purchase consideration

 

$

424,832

 

 

(1)
Reflects 9,004,626 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 1,584,918 shares held in escrow. The escrowed shares are expected to be released within 18 months after the close of the Capella Acquisition, subject to reductions for indemnity claims and working capital adjustments.
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of Capella’s assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

Cash and cash equivalents

 

$

5,019

 

Accounts receivable

 

 

4,527

 

Prepaid expenses and other current assets

 

 

19,388

 

Property and equipment

 

 

52,009

 

Operating lease right-of-use assets

 

 

5,977

 

Intangible assets

 

 

101,700

 

Goodwill

 

 

259,490

 

Other noncurrent assets

 

 

3,220

 

Accounts payable

 

 

(2,271

)

Accrued expenses and other current liabilities

 

 

(13,044

)

Operating lease liabilities

 

 

(6,136

)

Unearned revenue

 

 

(3,090

)

Other noncurrent liabilities

 

 

(1,957

)

Total fair value of net assets acquired

 

$

424,832

 
ID Quantique SA [Member]  
Business Combination [Line Items]  
Summary of Components of Purchase Consideration

The following table summarizes the components of the purchase consideration to acquire IDQ (in thousands):

 

Fair value of common stock issued(1)

 

$

113,064

 

Fair value of equity awards(2)

 

 

3,153

 

Total purchase consideration

 

$

116,217

 

 

(1)
Reflects 4,117,439 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 778,564 shares held in escrow. The escrowed shares are expected to be released within 18 months after the close of the IDQ Acquisition, subject to reductions for indemnity claims.
Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of IDQ’s assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Adjusted Fair Value

 

Cash and cash equivalents

 

$

9,963

 

 

$

—

 

 

$

9,963

 

Accounts receivable

 

 

4,616

 

 

 

—

 

 

 

4,616

 

Prepaid expenses and other current assets

 

 

9,759

 

 

 

—

 

 

 

9,759

 

Property and equipment

 

 

978

 

 

 

—

 

 

 

978

 

Operating lease right-of-use assets

 

 

2,246

 

 

 

—

 

 

 

2,246

 

Intangible assets

 

 

42,751

 

 

 

—

 

 

 

42,751

 

Goodwill

 

 

84,608

 

 

 

(2,700

)

 

 

81,908

 

Other noncurrent assets

 

 

972

 

 

 

—

 

 

 

972

 

Accounts payable

 

 

(2,223

)

 

 

—

 

 

 

(2,223

)

Accrued expenses and other current liabilities

 

 

(3,810

)

 

 

—

 

 

 

(3,810

)

Operating lease liabilities

 

 

(2,245

)

 

 

—

 

 

 

(2,245

)

Unearned revenue

 

 

(7,150

)

 

 

—

 

 

 

(7,150

)

Other noncurrent liabilities

 

 

(4,630

)

 

 

—

 

 

 

(4,630

)

Noncontrolling interest

 

 

(16,918

)

 

 

—

 

 

 

(16,918

)

Total fair value of net assets acquired

 

$

118,917

 

 

$

(2,700

)

 

$

116,217

 
Lightsynq Technologies Inc. [Member]  
Business Combination [Line Items]  
Summary of Components of Purchase Consideration

The following table summarizes the components of the purchase consideration to acquire Lightsynq (in thousands):

 

Cash

 

$

100

 

Fair value of common stock issued(1)

 

 

250,127

 

Fair value of equity awards(2)

 

 

56,604

 

Total purchase consideration

 

$

306,831

 

 

(1)
Reflects 6,200,474 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 646,986 shares held in escrow. The escrowed shares are expected to be released within 12 months after the close of the Lightsynq Acquisition, subject to reductions for indemnity claims and working capital adjustments.
Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of Lightsynq’s assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Adjusted Fair Value

 

Cash and cash equivalents

 

$

16,854

 

 

$

—

 

 

$

16,854

 

Prepaid expenses and other current assets

 

 

123

 

 

 

—

 

 

 

123

 

Property and equipment

 

 

6,476

 

 

 

—

 

 

 

6,476

 

Intangible assets

 

 

61,200

 

 

 

6,400

 

 

 

67,600

 

Goodwill

 

 

242,260

 

 

 

(4,806

)

 

 

237,454

 

Accounts payable

 

 

(161

)

 

 

—

 

 

 

(161

)

Accrued expenses and other current liabilities

 

 

(4,621

)

 

 

6

 

 

 

(4,615

)

Deferred tax liabilities

 

 

(15,300

)

 

 

(1,600

)

 

 

(16,900

)

Total fair value of net assets acquired

 

$

306,831

 

 

$

—

 

 

$

306,831

 
Market Intelligence Business [Member]  
Business Combination [Line Items]  
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Adjusted Fair Value

 

Cash and cash equivalents

 

$

1,950

 

 

$

—

 

 

$

1,950

 

Accounts receivable

 

 

559

 

 

 

—

 

 

 

559

 

Prepaid expenses and other current assets

 

 

41

 

 

 

—

 

 

 

41

 

Intangible assets

 

 

13,400

 

 

 

—

 

 

 

13,400

 

Goodwill

 

 

30,092

 

 

 

203

 

 

 

30,295

 

Accounts payable

 

 

(769

)

 

 

—

 

 

 

(769

)

Accrued expenses and other current liabilities

 

 

(117

)

 

 

(203

)

 

 

(320

)

Unearned revenue

 

 

(997

)

 

 

—

 

 

 

(997

)

Deferred tax liabilities

 

 

(3,550

)

 

 

—

 

 

 

(3,550

)

Total fair value of net assets acquired

 

$

40,609

 

 

$

—

 

 

$

40,609

 
Qubitekk Federal, LLC [Member]  
Business Combination [Line Items]  
Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed The following table summarizes the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Updated Preliminary Fair Value

 

Accounts receivable

 

$

400

 

 

$

(24

)

 

$

376

 

Prepaid expenses and other current assets

 

 

531

 

 

 

340

 

 

 

871

 

Intangible assets

 

 

11,900

 

 

 

(1,050

)

 

 

10,850

 

Goodwill

 

 

9,220

 

 

 

772

 

 

 

9,992

 

Other noncurrent assets

 

 

3

 

 

 

—

 

 

 

3

 

Unearned revenue

 

 

—

 

 

 

(25

)

 

 

(25

)

Total fair value of net assets acquired

 

$

22,054

 

 

$

13

 

 

$

22,067

 

 
v3.25.3
Cash, Cash Equivalents, Restricted Cash And Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash, and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):

 

 

As of September 30, 2025

 

 

As of December 31, 2024

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Cash and money market funds

 

$

301,408

 

 

$

—

 

 

$

—

 

 

$

301,408

 

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

Corporate notes and bonds

 

 

3,479

 

 

 

4

 

 

 

—

 

 

 

3,483

 

 

 

45,823

 

 

 

22

 

 

 

(53

)

 

 

45,792

 

U.S. government and agency

 

 

1,185,012

 

 

 

1,454

 

 

 

(99

)

 

 

1,186,367

 

 

 

287,084

 

 

 

319

 

 

 

(118

)

 

 

287,285

 

Total cash, cash
   equivalents, restricted
   cash and investments

 

$

1,489,899

 

 

$

1,458

 

 

$

(99

)

 

$

1,491,258

 

 

$

366,111

 

 

$

341

 

 

$

(171

)

 

$

366,281

 
Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

 

 

As of September 30, 2025

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

U.S. government and agency

 

$

148,664

 

 

$

(96

)

 

$

13,696

 

 

$

(3

)

 

$

162,360

 

 

$

(99

)

Total

 

$

148,664

 

 

$

(96

)

 

$

13,696

 

 

$

(3

)

 

$

162,360

 

 

$

(99

)

 

 

As of December 31, 2024

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Corporate notes and bonds

 

$

—

 

 

$

—

 

 

$

24,396

 

 

$

(53

)

 

$

24,396

 

 

$

(53

)

U.S. government and agency

 

 

67,600

 

 

 

(111

)

 

 

3,987

 

 

 

(7

)

 

 

71,587

 

 

 

(118

)

Total

 

$

67,600

 

 

$

(111

)

 

$

28,383

 

 

$

(60

)

 

$

95,983

 

 

$

(171

)
Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities

The estimated fair value of the Company’s cash, cash equivalents, restricted cash, and investments in available-for-sale securities as of September 30, 2025, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

 

 

1 Year
or Less

 

 

Greater than
1 Year

 

 

Total

 

Cash and money market funds

 

$

295,621

 

 

$

5,787

 

 

$

301,408

 

Corporate notes and bonds

 

 

3,483

 

 

 

—

 

 

 

3,483

 

U.S. government and agency

 

 

783,764

 

 

 

402,603

 

 

 

1,186,367

 

Total

 

$

1,082,868

 

 

$

408,390

 

 

$

1,491,258

 
v3.25.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of fair value measurements on a recurring basis and the level of inputs

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

September 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

301,408

 

 

$

—

 

 

$

—

 

 

$

301,408

 

U.S. government and agency

 

 

—

 

 

 

50,914

 

 

 

—

 

 

 

50,914

 

Total cash, cash equivalents and restricted cash

 

$

301,408

 

 

$

50,914

 

 

$

—

 

 

$

352,322

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

3,483

 

 

 

—

 

 

 

3,483

 

U.S. government and agency

 

 

—

 

 

 

732,850

 

 

 

—

 

 

 

732,850

 

Total short-term investments

 

$

—

 

 

$

736,333

 

 

$

—

 

 

$

736,333

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency

 

 

—

 

 

 

402,603

 

 

 

—

 

 

 

402,603

 

Total long-term investments

 

$

—

 

 

$

402,603

 

 

$

—

 

 

$

402,603

 

Total assets

 

$

301,408

 

 

$

1,189,850

 

 

$

—

 

 

$

1,491,258

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

86,299

 

 

$

—

 

 

$

1,681,933

 

 

$

1,768,232

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

U.S. government and agency

 

 

—

 

 

 

23,636

 

 

 

—

 

 

 

23,636

 

Total cash, cash equivalents and restricted cash

 

$

33,204

 

 

$

23,636

 

 

$

—

 

 

$

56,840

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

43,868

 

 

 

—

 

 

 

43,868

 

U.S. government and agency

 

 

—

 

 

 

242,028

 

 

 

—

 

 

 

242,028

 

Total short-term investments

 

$

—

 

 

$

285,896

 

 

$

—

 

 

$

285,896

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

1,924

 

 

 

—

 

 

 

1,924

 

U.S. government and agency

 

 

—

 

 

 

21,621

 

 

 

—

 

 

 

21,621

 

Total long-term investments

 

$

—

 

 

$

23,545

 

 

$

—

 

 

$

23,545

 

Total assets

 

$

33,204

 

 

$

333,077

 

 

$

—

 

 

$

366,281

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

70,688

 

 

$

—

 

 

$

—

 

 

$

70,688

 

 

Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company’s financial guarantees and certain other obligations.
Assumptions Used to Estimate Fair Value of Series A Warrants

The assumptions used to estimate the fair value of the Series A Warrants during the period are as follows:

 

 

 

September 30, 2025

 

 

July 9, 2025

 

 

Risk-free interest rate

 

 

3.87

%

 

 

4.07

%

 

Expected term (in years)

 

6.78

 

 

 

7.00

 

 

Expected volatility

 

 

95.00

%

 

 

95.00

%

 

Dividend yield

 

 

—

%

 

 

—

%

 
v3.25.3
Property And Equipment, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Summary Of Property And Equipment, Net

Property and equipment, net is composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Quantum computing systems

 

$

43,516

 

 

$

38,374

 

Satellites

 

 

54,755

 

 

 

—

 

Leasehold improvements

 

 

25,051

 

 

 

17,921

 

Machinery, equipment, furniture and fixtures

 

 

32,237

 

 

 

16,683

 

Computer equipment and acquired computer software

 

 

10,227

 

 

 

7,395

 

Gross property and equipment

 

 

165,786

 

 

 

80,373

 

Less: accumulated depreciation

 

 

(46,222

)

 

 

(27,612

)

Total property and equipment, net

 

$

119,564

 

 

$

52,761

 
v3.25.3
Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Summary of Intangible Assets, Net

Intangible assets, net is composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Developed technology

 

$

596,041

 

 

$

4,293

 

Customer relationships

 

 

30,830

 

 

 

7,700

 

Internal-use software

 

 

26,670

 

 

 

21,301

 

Trademark

 

 

19,960

 

 

 

377

 

Non-compete agreements

 

 

8,781

 

 

 

—

 

Patents

 

 

7,344

 

 

 

7,112

 

Website and other

 

 

377

 

 

 

227

 

Gross intangible assets

 

 

690,003

 

 

 

41,010

 

Less: accumulated amortization

 

 

(34,094

)

 

 

(11,541

)

Total intangible assets, net

 

$

655,909

 

 

$

29,469

 
v3.25.3
Other Balance Sheet Accounts (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Materials and supplies, net

 

$

48,761

 

 

$

18,658

 

Inventories, net

 

 

8,661

 

 

 

—

 

Prepaid expenses

 

 

8,791

 

 

 

4,890

 

Accrued interest receivable

 

 

9,495

 

 

 

2,221

 

Other current assets

 

 

20,317

 

 

 

2,556

 

Total prepaid expenses and other current assets

 

$

96,025

 

 

$

28,325

 

 
Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Accrued salaries and other payroll liabilities

 

$

39,150

 

 

$

10,368

 

Accrued professional services and transaction costs

 

 

26,464

 

 

 

936

 

Acquisition holdback liabilities

 

 

5,600

 

 

 

3,300

 

Accrued equipment and facilities liabilities

 

 

12,137

 

 

 

534

 

Accrued expenses—other

 

 

8,505

 

 

 

1,673

 

Total accrued expenses and other current liabilities

 

$

91,856

 

 

$

16,811

 
v3.25.3
Inventories, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Summary of Inventories, Net

Inventories, net is composed of the following (in thousands):

 

 

September 30,

 

 

2025

 

Raw materials

 

$

7,300

 

Work-in-process

 

 

7

 

Finished goods

 

 

1,354

 

Total inventories, net

 

$

8,661

 
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Revenue

The Company’s revenue disaggregated by revenue source is as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Quantum computing and networking hardware

 

$

21,584

 

 

$

6,345

 

 

$

39,673

 

 

$

17,301

 

Platform, consulting and support services

 

 

18,282

 

 

 

6,055

 

 

 

28,453

 

 

 

14,062

 

Total revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

 

The Company’s revenue disaggregated by customer location is as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

28,742

 

 

$

11,895

 

 

$

49,748

 

 

$

29,910

 

International

 

 

11,124

 

 

 

505

 

 

 

18,378

 

 

 

1,453

 

Total revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 
Summary of Changes in Unearned Revenue

The following table summarizes the changes in unearned revenue for the nine months ended September 30, 2025 (in thousands):

 

Total

 

Balance as of December 31, 2024

 

$

10,678

 

Revenue recognized

 

 

(10,214

)

New deferrals, net

 

 

24,775

 

Balance as of September 30, 2025

 

$

25,239

 
v3.25.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of the Stock Option Activity

The stock option activity is summarized in the following table:

 

 

 

Number of
Option
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

Outstanding as of December 31, 2024

 

 

16,687,129

 

 

$

2.40

 

 

 

 

 

 

 

Replacement awards(1)

 

 

1,747,622

 

 

 

4.36

 

 

 

 

 

 

 

Exercised

 

 

(10,272,027

)

 

 

1.20

 

 

 

 

 

 

 

Cancelled/ Forfeited

 

 

(432,952

)

 

 

2.66

 

 

 

 

 

 

 

Outstanding as of September 30, 2025

 

 

7,729,772

 

 

$

4.42

 

 

 

5.85

 

 

$

441.20

 

Exercisable as of September 30, 2025

 

 

5,550,278

 

 

$

5.21

 

 

 

4.78

 

 

$

312.42

 

Exercisable and expected to vest as of September 30, 2025

 

 

7,729,772

 

 

$

4.42

 

 

 

5.85

 

 

$

441.20

 

 

(1)
In connection with certain acquisitions, the Company converted certain outstanding stock options of the acquirees into stock options to acquire common stock of the Company, for which $11.3 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.
Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target

The PSU activity is summarized in the following table, based on awards at target:

 

 

 

Number of
PSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

3,972,257

 

 

$

16.17

 

 

 

 

Granted

 

 

2,757,511

 

 

 

36.48

 

 

 

 

Vested

 

 

(619,874

)

 

 

16.77

 

 

 

 

Forfeited

 

 

(456,445

)

 

 

15.08

 

 

 

 

Outstanding as of September 30, 2025

 

 

5,653,449

 

 

$

26.10

 

 

 

1.84

 

Expected to vest after September 30, 2025(1)

 

 

12,929,029

 

 

$

24.27

 

 

 

1.79

 

 

 

Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company’s probability assessment of expected performance during the performance period.
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock

Total stock-based compensation expense for stock option awards, RSUs, PSUs, and restricted stock which are included in the condensed consolidated financial statements, is as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenue

 

$

4,247

 

 

$

1,332

 

 

$

7,125

 

 

$

3,392

 

Research and development

 

 

31,766

 

 

 

13,907

 

 

 

125,392

 

 

 

37,840

 

Sales and marketing

 

 

6,560

 

 

 

2,929

 

 

 

16,488

 

 

 

8,157

 

General and administrative

 

 

30,372

 

 

 

6,399

 

 

 

56,361

 

 

 

18,218

 

Stock-based compensation, net of amounts capitalized

 

 

72,945

 

 

 

24,567

 

 

 

205,366

 

 

 

67,607

 

Capitalized stock-based compensation—Property and equipment, net
    and Intangible assets, net

 

 

1,678

 

 

 

1,468

 

 

 

3,681

 

 

 

4,214

 

Total stock-based compensation

 

$

74,623

 

 

$

26,035

 

 

$

209,047

 

 

$

71,821

 
Summary of Unrecognized Stock-Based Compensation

A summary of the Company’s remaining unrecognized compensation expense and the weighted-average remaining amortization period as of September 30, 2025, related to its non-vested RSUs, PSUs, restricted stock, and stock option awards is presented below (in millions, except time period amounts):

 

 

 

Unrecognized
Expense

 

 

Weighted-
Average
Amortization
Period (Years)

 

Restricted stock units

 

$

274.3

 

 

 

2.9

 

Performance-based restricted stock units

 

 

237.9

 

 

 

2.1

 

Restricted stock

 

 

142.6

 

 

 

4.5

 

Stock options

 

 

47.5

 

 

 

3.0

 
Stock Options [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of Share Based Payment Award Stock Options Valuation Assumptions The assumptions used to estimate the fair value of stock options are as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

—

%

 

 

—

%

 

 

4.07

%

 

 

4.31

%

Expected term (in years)

 

 

—

 

 

 

—

 

 

 

5.89

 

 

 

6.00

 

Expected volatility

 

 

—

%

 

 

—

%

 

 

86.79

%

 

 

79.33

%

Dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

 
Restricted Stock Units Outstanding [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity

The Company’s RSU activity is summarized in the following table:

 

 

 

Number of
RSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

14,509,717

 

 

$

9.54

 

 

 

 

Granted

 

 

6,409,003

 

 

 

36.92

 

 

 

 

Vested

 

 

(5,952,489

)

 

 

12.04

 

 

 

 

Forfeited

 

 

(1,138,230

)

 

 

11.77

 

 

 

 

Outstanding as of September 30, 2025

 

 

13,828,001

 

 

$

20.96

 

 

 

2.46

 

Expected to vest after September 30, 2025

 

 

13,828,001

 

 

$

20.96

 

 

 

2.46

 
Restricted Stock [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity

The restricted stock activity is summarized in the following table:

 

 

 

Number of
Restricted Stock

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

—

 

 

$

—

 

 

 

 

Replacement awards(1)

 

 

6,176,959

 

 

 

40.34

 

 

 

 

Vested

 

 

(1,927,662

)

 

 

40.34

 

 

 

 

Outstanding as of September 30, 2025

 

 

4,249,297

 

 

 

40.34

 

 

 

4.51

 

Expected to vest after September 30, 2025

 

 

4,249,297

 

 

$

40.34

 

 

 

4.51

 

 

In connection with certain acquisitions, the Company converted certain outstanding restricted stock of the acquirees into restricted stock of the Company, for which $48.1 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration.
Performance Based Restricted Stock Units [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of Share Based Payment Award Stock Options Valuation Assumptions The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

—

%

 

 

—

%

 

 

3.79

%

 

 

4.86

%

Contractual term (in years)

 

 

—

 

 

 

—

 

 

 

1.72

 

 

 

2.69

 

Expected volatility

 

 

—

%

 

 

—

%

 

 

104.32

%

 

 

85.00

%

Dividend yield

 

 

—

%

 

 

—

%

 

 

—

%

 

 

—

%

 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Lease, Cost [Abstract]  
Summary of Components of lease cost

The components of lease cost were as follows (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease cost(1)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed lease cost

 

$

1,614

 

 

$

672

 

 

$

3,273

 

 

$

1,846

 

Short-term cost

 

 

818

 

 

 

67

 

 

 

1,049

 

 

 

147

 

Total operating lease cost

 

$

2,432

 

 

$

739

 

 

$

4,322

 

 

$

1,993

 
Summary of lease costs are reflected in the Statements of Operations and Comprehensive Loss
(1)
The lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands):

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenue

 

$

520

 

 

$

64

 

 

$

785

 

 

$

187

 

Research and development

 

 

614

 

 

 

461

 

 

 

1,793

 

 

 

1,198

 

Sales and marketing

 

 

55

 

 

 

60

 

 

 

290

 

 

 

116

 

General and administrative

 

 

1,243

 

 

 

154

 

 

 

1,454

 

 

 

492

 

Total operating lease cost

 

$

2,432

 

 

$

739

 

 

$

4,322

 

 

$

1,993

 
Summary of Supplemental cash flow and other information related to operating leases

Supplemental cash flow and other information related to operating leases was as follows (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash payments (receipts) included in the measurement of
   operating lease liabilities, net of lease incentives

 

$

1,940

 

 

$

(835

)

 

$

3,483

 

 

$

(2,932

)

 
Summary of maturities of operating lease liabilities

As of September 30, 2025, maturities of operating lease liabilities are as follows (in thousands):

 

Amount

 

Year Ending December 31,

 

 

 

2025

 

$

2,313

 

2026

 

 

8,872

 

2027

 

 

7,576

 

2028

 

 

5,864

 

2029

 

 

4,578

 

Thereafter

 

 

4,879

 

Total lease payments

 

$

34,082

 

Less: imputed interest

 

 

(5,566

)

Present value of operating lease liabilities

 

$

28,516

 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Revenue, Significant Expenses, and Segment Profit and Loss The following table presents revenue, significant expenses, and segment profit and loss (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

39,866

 

 

$

12,400

 

 

$

68,126

 

 

$

31,363

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs and expenses excluding stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

 

17,006

 

 

 

5,183

 

 

 

26,770

 

 

 

12,160

 

Research and development

 

 

34,532

 

 

 

19,271

 

 

 

84,218

 

 

 

58,910

 

Sales and marketing

 

 

7,881

 

 

 

3,701

 

 

 

17,440

 

 

 

11,311

 

General and administrative

 

 

52,133

 

 

 

7,923

 

 

 

98,057

 

 

 

23,177

 

Stock-based compensation

 

 

72,945

 

 

 

24,567

 

 

 

205,366

 

 

 

67,607

 

Depreciation and amortization

 

 

24,182

 

 

 

4,890

 

 

 

41,359

 

 

 

13,150

 

Other segment items:

 

 

 

 

 

 

 

 

 

 

 

 

(Gain) loss on change in fair value of warrant liabilities

 

 

881,847

 

 

 

3,868

 

 

 

882,930

 

 

 

(11,398

)

Interest income, net

 

 

(14,437

)

 

 

(4,508

)

 

 

(26,469

)

 

 

(14,108

)

Offering costs associated with warrants

 

 

22,847

 

 

 

—

 

 

 

22,847

 

 

 

—

 

Other (income) expense, net

 

 

980

 

 

 

(15

)

 

 

697

 

 

 

164

 

Income tax (benefit) expense

 

 

(4,438

)

 

 

16

 

 

 

(19,695

)

 

 

39

 

Net loss

 

$

(1,055,612

)

 

$

(52,496

)

 

$

(1,265,394

)

 

$

(129,649

)
v3.25.3
Description of Business - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2025
Segment
$ / shares
Dec. 31, 2024
$ / shares
Organization Business And Basis Of Presentation [Line Items]    
Common stock, par value | $ / shares $ 0.0001 $ 0.0001
Number of operating segment | Segment 1  
v3.25.3
Summary of Significant Accounting Policies - Additional Information (Detail)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Customers
Sep. 30, 2024
USD ($)
Customers
Sep. 30, 2025
USD ($)
Customers
Sep. 30, 2024
USD ($)
Customers
Dec. 31, 2024
USD ($)
Significant Accounting Policies [Line Items]          
Amortization of intangible assets $ 14,900,000 $ 1,400,000 $ 22,500,000 $ 4,100,000  
Goodwill, impairment loss 0 0 0 0  
Allowance for doubtful accounts 0   0   $ 0
Impairment of Long-Lived Assets to be Disposed of 0 0 0 0  
Capitalized materials and supplies 5,900,000 1,900,000 10,100,000 4,500,000  
Letters of credit outstanding amount 5,200,000   5,200,000   2,100,000
Excess and Obsolescence [Member]          
Significant Accounting Policies [Line Items]          
Excess and obsolescence charges 0 1,000,000 0 1,100,000  
Materials and Supplies Excess and Obsolescence [Member]          
Significant Accounting Policies [Line Items]          
Excess and obsolescence charges 700,000   1,200,000    
Capitalized Commissions [Member]          
Significant Accounting Policies [Line Items]          
Capitalized contract cost $ 2,100,000   2,100,000   $ 2,400,000
Capitalized contract cost amortization expense   $ 400,000 $ 1,100,000 $ 1,300,000  
Revenue Benchmark [Member]          
Significant Accounting Policies [Line Items]          
Number of customers over ten percent benchmark | Customers 3 2 2 2  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Minimum [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk, percentage     10.00%    
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk, percentage   84.00%   79.00%  
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Zero Customer [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk, percentage 61.00%   54.00%    
Internally Use Software [Member]          
Significant Accounting Policies [Line Items]          
Amortization of intangible assets $ 1,700,000 $ 1,400,000 $ 4,800,000 $ 3,800,000  
Intangible asset capitalized during period 2,000,000 1,700,000 5,400,000 5,500,000  
Externally Use Software [Member]          
Significant Accounting Policies [Line Items]          
Intangible asset capitalized during period $ 0 $ 0 $ 0 $ 0  
Computer Software, Intangible Asset [Member]          
Significant Accounting Policies [Line Items]          
Finite lived intangible asset, estimated useful life 3 years   3 years    
v3.25.3
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 346,032 $ 54,393    
Restricted cash 6,290 2,447    
Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 352,322 $ 56,840 $ 32,610 $ 38,081
v3.25.3
Summary of Significant Accounting Policies - Summary of Loans and Financing Receivable (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 36,912 $ 10,188
Billed Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 12,578 6,516
Unbilled Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 24,334 $ 3,672
v3.25.3
Summary of Significant Accounting Policies - Summary of Property Plant And Equipment Useful Life (Detail)
Sep. 30, 2025
Computer Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Computer Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Machinery Equipment Furniture And Fixtures [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 4 years
Machinery Equipment Furniture And Fixtures [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 7 years
Quantum Computing System [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Satellites [Member ]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
v3.25.3
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net loss $ (1,055,612) $ (52,496) $ (1,265,394) $ (129,649)
Less: Net loss attributable to noncontrolling interests 657 0 1,349 0
Net loss attributable to IonQ, Inc. $ (1,054,955) $ (52,496) $ (1,264,045) $ (129,649)
Denominator:        
Weighted average shares used in computing net loss per share attributable to IonQ, Inc. common stockholders - Basic 294,524,786 214,305,053 258,324,714 211,378,045
Net loss per share attributable to IonQ, Inc. common stockholders - Basic $ (3.58) $ (0.24) $ (4.89) $ (0.61)
Weighted average shares used in computing net loss per share attributable to IonQ, Inc. common stockholders - Diluted 294,524,786 214,305,053 258,324,714 211,378,045
Net loss per share attributable to IonQ, Inc. common stockholders - Diluted $ (3.58) $ (0.24) $ (4.89) $ (0.61)
v3.25.3
Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 66,832,174 50,512,351 45,148,965 52,025,904
Employee Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 7,967,193 18,693,271 11,972,668 19,715,840
Warrants to purchase common stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 35,269,625 13,529,455 13,527,921 13,529,455
Unvested restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 14,123,062 16,087,407 14,542,660 16,478,732
Unvested performance-based restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 5,118,952 1,918,817 3,025,625 1,970,331
Unvested restricted stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 4,279,209 0 1,947,801 0
Unvested early exercised stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 74,133 283,401 132,290 331,546
v3.25.3
Business Combinations - Additional Information (Detail)
$ in Thousands
 3 Months Ended 5 Months Ended 9 Months Ended 12 Months Ended
Sep. 16, 2025
USD ($)
Jul. 11, 2025
USD ($)
shares
Jun. 09, 2025
USD ($)
shares
May 30, 2025
USD ($)
shares
Apr. 30, 2025
USD ($)
shares
Dec. 27, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
Acquisition
Dec. 31, 2024
USD ($)
Jul. 31, 2025
Business Acquisition [Line Items]                      
Number of acquisitions | Acquisition                 5    
Current period adjustments related to intangible assets                 $ 800    
Transaction costs                 28,800    
Goodwill             $ 1,865,841 $ 1,865,841 1,865,841 $ 9,904  
Oxford Ionics Limited [Member]                      
Business Acquisition [Line Items]                      
Date of acquisition Sep. 16, 2025                    
Business acquisition name Oxford Ionics Limited (“Oxford Ionics”)                    
Total consideration $ 1,589,670                    
Cash paid 10,000                    
Goodwill 1,261,472                    
Oxford Ionics Limited [Member] | Developed Technology [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles $ 422,900                    
Finite lived intangible asset, estimated useful life 7 years                    
Capella Space Corp. [Member]                      
Business Acquisition [Line Items]                      
Date of acquisition   Jul. 11, 2025                  
Business acquisition name   Capella Space Corp. (“Capella”)                  
Shares held in escrow | shares   1,584,918                  
Escrow shares, expected term of release   18 months                  
Total consideration   $ 424,832                  
Cash paid   48,349                  
Goodwill   259,490                  
Revenue             $ 9,600        
Capella Space Corp. [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles   $ 4,200                  
Finite lived intangible asset, estimated useful life   10 years                  
Capella Space Corp. [Member] | Developed Technology [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles   $ 82,900                  
Finite lived intangible asset, estimated useful life   7 years                  
Capella Space Corp. [Member] | Trademark [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles   $ 14,600                  
Finite lived intangible asset, estimated useful life   10 years                  
ID Quantique SA [Member]                      
Business Acquisition [Line Items]                      
Date of acquisition         Apr. 30, 2025            
Business acquisition name         Quantique SA (“IDQ”)            
Stock consideration         $ 116,200            
Shares held in escrow | shares         778,564            
Escrow shares, expected term of release         18 months            
Percentage of outstanding shares acquired         86.00%           91.00%
Total consideration         $ 116,217            
Current measurement period adjustments related to reduction in purchase price and goodwill                 2,700    
Goodwill         81,908            
Revenue               $ 9,000      
ID Quantique SA [Member] | Preliminary Fair Value [Member]                      
Business Acquisition [Line Items]                      
Goodwill         84,608            
ID Quantique SA [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles         $ 8,200            
Finite lived intangible asset, estimated useful life         2 years            
ID Quantique SA [Member] | Developed Technology [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles         $ 23,600            
Finite lived intangible asset, estimated useful life         7 years            
ID Quantique SA [Member] | Non-Compete Agreements [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles         $ 8,500            
Finite lived intangible asset, estimated useful life         2 years            
ID Quantique SA [Member] | Trademark [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles         $ 2,400            
Finite lived intangible asset, estimated useful life         5 years            
Qubitekk Federal, LLC [Member]                      
Business Acquisition [Line Items]                      
Total consideration           $ 22,100          
Cash paid           15,500          
Transaction costs                   $ 1,500  
Goodwill           9,992          
Qubitekk Federal, LLC [Member] | Preliminary Fair Value [Member]                      
Business Acquisition [Line Items]                      
Goodwill           9,220          
Qubitekk Federal, LLC [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles           $ 5,900          
Finite lived intangible asset, estimated useful life           5 years          
Qubitekk Federal, LLC [Member] | Developed Technology [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles           $ 4,000          
Finite lived intangible asset, estimated useful life           5 years          
Qubitekk Federal, LLC [Member] | Trademark [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles           $ 800          
Finite lived intangible asset, estimated useful life           5 years          
Qubitekk Federal, LLC [Member] | Backlog [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles           $ 200          
Finite lived intangible asset, estimated useful life           1 year          
Lightsynq Technologies Inc. [Member]                      
Business Acquisition [Line Items]                      
Date of acquisition       May 30, 2025              
Business acquisition name       Lightsynq Technologies Inc. (“Lightsynq”)              
Shares held in escrow | shares       646,986              
Escrow shares, expected term of release       12 months              
Total consideration       $ 306,831              
Cash paid       100              
Current measurement period adjustments related to intangible assets and deferred tax liabilities                 $ 4,800    
Goodwill       237,454              
Lightsynq Technologies Inc. [Member] | Preliminary Fair Value [Member]                      
Business Acquisition [Line Items]                      
Goodwill       242,260              
Lightsynq Technologies Inc. [Member] | Developed Technology [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles       $ 67,600              
Finite lived intangible asset, estimated useful life       5 years              
Market Intelligence Business [Member]                      
Business Acquisition [Line Items]                      
Date of acquisition     Jun. 09, 2025                
Stock consideration     $ 36,200                
Contingent consideration     $ 4,400                
Shares of common stock issued | shares     903,195                
Shares held in escrow | shares     47,750                
Escrow shares, expected term of release     12 months                
Total consideration     $ 40,600                
Goodwill     30,295                
Market Intelligence Business [Member] | Preliminary Fair Value [Member]                      
Business Acquisition [Line Items]                      
Goodwill     30,092                
Market Intelligence Business [Member] | Customer Relationships [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles     $ 12,200                
Finite lived intangible asset, estimated useful life     7 years                
Market Intelligence Business [Member] | Trademark [Member]                      
Business Acquisition [Line Items]                      
Identifiable intangibles     $ 1,200                
Finite lived intangible asset, estimated useful life     7 years                
v3.25.3
Business Combinations - Summary of Components of Purchase Consideration (Details) - USD ($)
$ in Thousands
Sep. 16, 2025
Jul. 11, 2025
May 30, 2025
Apr. 30, 2025
Oxford Ionics Limited [Member]        
Business Combination [Line Items]        
Cash $ 10,000      
Fair value of common stock issued [1] 1,579,670      
Total purchase consideration $ 1,589,670      
Capella Space Corp. [Member]        
Business Combination [Line Items]        
Cash   $ 48,349    
Fair value of common stock issued [2]   376,483    
Total purchase consideration   $ 424,832    
ID Quantique SA [Member]        
Business Combination [Line Items]        
Fair value of common stock issued [3]       $ 113,064
Fair value of equity awards [4]       3,153
Total purchase consideration       $ 116,217
Lightsynq Technologies Inc. [Member]        
Business Combination [Line Items]        
Cash     $ 100  
Fair value of common stock issued [5]     250,127  
Fair value of equity awards [6]     56,604  
Total purchase consideration     $ 306,831  
[1] Reflects 25,372,150 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 149,169 shares withheld to cover employee tax obligations.
[2] Reflects 9,004,626 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 1,584,918 shares held in escrow. The escrowed shares are expected to be released within 18 months after the close of the Capella Acquisition, subject to reductions for indemnity claims and working capital adjustments.
[3] Reflects 4,117,439 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 778,564 shares held in escrow. The escrowed shares are expected to be released within 18 months after the close of the IDQ Acquisition, subject to reductions for indemnity claims.
[4] Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.
[5] Reflects 6,200,474 shares of the Company’s common stock issued in the acquisition, multiplied by the closing price of the Company’s common stock on the closing date. These shares are inclusive of 646,986 shares held in escrow. The escrowed shares are expected to be released within 12 months after the close of the Lightsynq Acquisition, subject to reductions for indemnity claims and working capital adjustments.
[6] Reflects the conversion and issuance of certain equity awards, including stock options. Refer to Note 14 for further details on the Company’s share-based compensation awards, including awards issued in connection with acquisitions.
v3.25.3
Business Combinations - Summary of Components of Purchase Consideration (Parenthetical) (Details) - shares
Sep. 16, 2025
Jul. 11, 2025
May 30, 2025
Apr. 30, 2025
Oxford Ionics Limited [Member]        
Business Combination [Line Items]        
Number of shares of common stock 25,372,150      
Shares withheld to cover employee tax obligations 149,169      
Capella Space Corp. [Member]        
Business Combination [Line Items]        
Number of shares of common stock   9,004,626    
Shares held in escrow   1,584,918    
Escrow shares, expected term of release   18 months    
ID Quantique SA [Member]        
Business Combination [Line Items]        
Number of shares of common stock       4,117,439
Shares held in escrow       778,564
Escrow shares, expected term of release       18 months
Lightsynq Technologies Inc. [Member]        
Business Combination [Line Items]        
Number of shares of common stock     6,200,474  
Shares held in escrow     646,986  
Escrow shares, expected term of release     12 months  
v3.25.3
Business Combinations - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 16, 2025
Jul. 11, 2025
Jun. 09, 2025
May 30, 2025
Apr. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]              
Goodwill $ 1,865,841           $ 9,904
Oxford Ionics Limited [Member]              
Business Combination [Line Items]              
Cash and cash equivalents   $ 8,722          
Accounts receivable   758          
Prepaid expenses and other current assets   16,185          
Property and equipment   5,334          
Operating lease right-of-use assets   4,977          
Intangible assets   423,581          
Goodwill   1,261,472          
Accounts payable   (23,339)          
Accrued expenses and other current liabilities   (11,510)          
Operating lease liabilities   (4,735)          
Unearned revenue   (1,937)          
Other noncurrent liabilities   (89,838)          
Total fair value of net assets acquired   $ 1,589,670          
Capella Space Corp. [Member]              
Business Combination [Line Items]              
Cash and cash equivalents     $ 5,019        
Accounts receivable     4,527        
Prepaid expenses and other current assets     19,388        
Property and equipment     52,009        
Operating lease right-of-use assets     5,977        
Intangible assets     101,700        
Goodwill     259,490        
Other noncurrent assets     3,220        
Accounts payable     (2,271)        
Accrued expenses and other current liabilities     (13,044)        
Operating lease liabilities     (6,136)        
Unearned revenue     (3,090)        
Other noncurrent liabilities     (1,957)        
Total fair value of net assets acquired     $ 424,832        
ID Quantique SA [Member]              
Business Combination [Line Items]              
Cash and cash equivalents           $ 9,963  
Accounts receivable           4,616  
Prepaid expenses and other current assets           9,759  
Property and equipment           978  
Operating lease right-of-use assets           2,246  
Intangible assets           42,751  
Goodwill           81,908  
Other noncurrent assets           972  
Accounts payable           (2,223)  
Accrued expenses and other current liabilities           (3,810)  
Operating lease liabilities           (2,245)  
Unearned revenue           (7,150)  
Other noncurrent liabilities           (4,630)  
Noncontrolling interest           (16,918)  
Total fair value of net assets acquired           $ 116,217  
Lightsynq Technologies Inc. [Member]              
Business Combination [Line Items]              
Cash and cash equivalents         $ 16,854    
Prepaid expenses and other current assets         123    
Property and equipment         6,476    
Intangible assets         67,600    
Goodwill         237,454    
Accounts payable         (161)    
Accrued expenses and other current liabilities         (4,615)    
Deferred tax liabilities         (16,900)    
Total fair value of net assets acquired         $ 306,831    
Market Intelligence Business [Member]              
Business Combination [Line Items]              
Cash and cash equivalents       $ 1,950      
Accounts receivable       559      
Prepaid expenses and other current assets       41      
Intangible assets       13,400      
Goodwill       30,295      
Accounts payable       (769)      
Accrued expenses and other current liabilities       (320)      
Unearned revenue       (997)      
Deferred tax liabilities       (3,550)      
Total fair value of net assets acquired       $ 40,609      
v3.25.3
Business Combinations - Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed, Including Measurement Period Adjustments (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 09, 2025
May 30, 2025
Apr. 30, 2025
Dec. 31, 2024
Dec. 27, 2024
Business Acquisition [Line Items]            
Goodwill $ 1,865,841       $ 9,904  
ID Quantique SA [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents       $ 9,963    
Accounts receivable       4,616    
Prepaid expenses and other current assets       9,759    
Property and equipment       978    
Operating lease right-of-use assets       2,246    
Intangible assets       42,751    
Goodwill       81,908    
Other noncurrent assets       972    
Accounts payable       (2,223)    
Accrued expenses and other current liabilities       (3,810)    
Operating lease liabilities       (2,245)    
Unearned revenue       (7,150)    
Other noncurrent liabilities       (4,630)    
Noncontrolling interest       (16,918)    
Total fair value of net assets acquired       116,217    
ID Quantique SA [Member] | Preliminary Fair Value [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents       9,963    
Accounts receivable       4,616    
Prepaid expenses and other current assets       9,759    
Property and equipment       978    
Operating lease right-of-use assets       2,246    
Intangible assets       42,751    
Goodwill       84,608    
Other noncurrent assets       972    
Accounts payable       (2,223)    
Accrued expenses and other current liabilities       (3,810)    
Operating lease liabilities       (2,245)    
Unearned revenue       (7,150)    
Other noncurrent liabilities       (4,630)    
Noncontrolling interest       (16,918)    
Total fair value of net assets acquired       118,917    
ID Quantique SA [Member] | Measurement Period Adjustments [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents       0    
Accounts receivable       0    
Prepaid expenses and other current assets       0    
Property and equipment       0    
Operating lease right-of-use assets       0    
Intangible assets       0    
Goodwill       (2,700)    
Other noncurrent assets       0    
Accounts payable       0    
Accrued expenses and other current liabilities       0    
Operating lease liabilities       0    
Unearned revenue       0    
Other noncurrent liabilities       0    
Noncontrolling interest       0    
Total fair value of net assets acquired       $ (2,700)    
Lightsynq Technologies Inc. [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents     $ 16,854      
Prepaid expenses and other current assets     123      
Property and equipment     6,476      
Intangible assets     67,600      
Goodwill     237,454      
Accounts payable     (161)      
Accrued expenses and other current liabilities     (4,615)      
Deferred tax liabilities     (16,900)      
Total fair value of net assets acquired     306,831      
Lightsynq Technologies Inc. [Member] | Preliminary Fair Value [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents     16,854      
Prepaid expenses and other current assets     123      
Property and equipment     6,476      
Intangible assets     61,200      
Goodwill     242,260      
Accounts payable     (161)      
Accrued expenses and other current liabilities     (4,621)      
Deferred tax liabilities     (15,300)      
Total fair value of net assets acquired     306,831      
Lightsynq Technologies Inc. [Member] | Measurement Period Adjustments [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents     0      
Prepaid expenses and other current assets     0      
Property and equipment     0      
Intangible assets     6,400      
Goodwill     (4,806)      
Accounts payable     0      
Accrued expenses and other current liabilities     6      
Deferred tax liabilities     (1,600)      
Total fair value of net assets acquired     $ 0      
Market Intelligence Business [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents   $ 1,950        
Accounts receivable   559        
Prepaid expenses and other current assets   41        
Intangible assets   13,400        
Goodwill   30,295        
Accounts payable   (769)        
Accrued expenses and other current liabilities   (320)        
Deferred tax liabilities   (3,550)        
Unearned revenue   (997)        
Total fair value of net assets acquired   40,609        
Market Intelligence Business [Member] | Preliminary Fair Value [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents   1,950        
Accounts receivable   559        
Prepaid expenses and other current assets   41        
Intangible assets   13,400        
Goodwill   30,092        
Accounts payable   (769)        
Accrued expenses and other current liabilities   (117)        
Deferred tax liabilities   (3,550)        
Unearned revenue   (997)        
Total fair value of net assets acquired   40,609        
Market Intelligence Business [Member] | Measurement Period Adjustments [Member]            
Business Acquisition [Line Items]            
Cash and cash equivalents   0        
Accounts receivable   0        
Prepaid expenses and other current assets   0        
Intangible assets   0        
Goodwill   203        
Accounts payable   0        
Accrued expenses and other current liabilities   (203)        
Deferred tax liabilities   0        
Unearned revenue   0        
Total fair value of net assets acquired   $ 0        
Qubitekk Federal, LLC [Member]            
Business Acquisition [Line Items]            
Accounts receivable           $ 376
Prepaid expenses and other current assets           871
Intangible assets           10,850
Goodwill           9,992
Other noncurrent assets           3
Unearned revenue           (25)
Total fair value of net assets acquired           22,067
Qubitekk Federal, LLC [Member] | Preliminary Fair Value [Member]            
Business Acquisition [Line Items]            
Accounts receivable           400
Prepaid expenses and other current assets           531
Intangible assets           11,900
Goodwill           9,220
Other noncurrent assets           3
Unearned revenue           0
Total fair value of net assets acquired           22,054
Qubitekk Federal, LLC [Member] | Measurement Period Adjustments [Member]            
Business Acquisition [Line Items]            
Accounts receivable           (24)
Prepaid expenses and other current assets           340
Intangible assets           (1,050)
Goodwill           772
Other noncurrent assets           0
Unearned revenue           (25)
Total fair value of net assets acquired           $ 13
v3.25.3
Business Combinations - Summarizes Unaudited Pro Forma Consolidated Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Business Combination, Pro Forma Information [Abstract]        
Revenue $ 41,628 $ 30,724 $ 100,661 $ 79,596
v3.25.3
Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Amortized Cost $ 1,489,899 $ 366,111
Gross Unrealized Gains 1,458 341
Gross Unrealized Losses (99) (171)
Estimated Fair Value 1,491,258 366,281
Cash and money market funds [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 301,408 33,204
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 301,408 33,204
Corporate Notes And Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 3,479 45,823
Gross Unrealized Gains 4 22
Gross Unrealized Losses 0 (53)
Estimated Fair Value 3,483 45,792
U.S. Government Corporations and Agencies Securities [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 1,185,012 287,084
Gross Unrealized Gains 1,454 319
Gross Unrealized Losses (99) (118)
Estimated Fair Value $ 1,186,367 $ 287,285
v3.25.3
Cash Equivalents, Restricted Cash And Investments - Additional Information - (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Allowance for credit losses $ 0 $ 0
v3.25.3
Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value $ 148,664 $ 67,600
Less than 12 Months, Gross Unrealized Losses (96) (111)
12 Months or Longer, Fair value 13,696 28,383
12 Months or Longer, Gross Unrealized Losses (3) (60)
Total, Fair value 162,360 95,983
Total, Gross Unrealized Loses (99) (171)
Corporate Notes and Bonds [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value   0
Less than 12 Months, Gross Unrealized Losses   0
12 Months or Longer, Fair value   24,396
12 Months or Longer, Gross Unrealized Losses   (53)
Total, Fair value   24,396
Total, Gross Unrealized Loses   (53)
U.S. government and Agency    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value 148,664 67,600
Less than 12 Months, Gross Unrealized Losses (96) (111)
12 Months or Longer, Fair value 13,696 3,987
12 Months or Longer, Gross Unrealized Losses (3) (7)
Total, Fair value 162,360 71,587
Total, Gross Unrealized Loses $ (99) $ (118)
v3.25.3
Cash, Cash Equivalents, Restricted Cash And Investments - Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
1 Year or Less $ 1,082,868  
Greater than 1 Year 408,390  
Total 1,491,258 $ 366,281
Cash and money market funds [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 295,621  
Greater than 1 Year 5,787  
Total 301,408 33,204
Corporate Notes and Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 3,483  
Greater than 1 Year 0  
Total 3,483 45,792
U.S. Government Corporations and Agencies Securities [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 783,764  
Greater than 1 Year 402,603  
Total $ 1,186,367 $ 287,285
v3.25.3
Fair Value Measurements - Summary of fair value measurements on a recurring basis and the level of inputs (Detail) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 352,322 $ 56,840
Total assets 1,491,258 366,281
Liabilities:    
Warrant liabilities 1,768,232 70,688
Short-term Investments [Member]    
Assets:    
Investments 736,333 285,896
Other Long-term Investments [Member]    
Assets:    
Investments 402,603 23,545
Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 301,408 33,204
Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 3,483 43,868
Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   1,924
U.S. Government and Agency [Member]    
Assets:    
Cash and cash equivalents 50,914 23,636
U.S. Government and Agency [Member] | Short-term Investments [Member]    
Assets:    
Investments 732,850 242,028
U.S. Government and Agency [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 402,603 21,621
Quoted Prices in Active Markets (Level 1) [Member]    
Assets:    
Cash and cash equivalents 301,408 33,204
Total assets 301,408 33,204
Liabilities:    
Warrant liabilities 86,299 70,688
Quoted Prices in Active Markets (Level 1) [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 301,408 33,204
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   0
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government and Agency [Member]    
Assets:    
Cash and cash equivalents 0 0
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government and Agency [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | U.S. Government and Agency [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Cash and cash equivalents 50,914 23,636
Total assets 1,189,850 333,077
Liabilities:    
Warrant liabilities 0 0
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member]    
Assets:    
Investments 736,333 285,896
Significant Other Observable Inputs (Level 2) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 402,603 23,545
Significant Other Observable Inputs (Level 2) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 0 0
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 3,483 43,868
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   1,924
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Agency [Member]    
Assets:    
Cash and cash equivalents 50,914 23,636
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Agency [Member] | Short-term Investments [Member]    
Assets:    
Investments 732,850 242,028
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government and Agency [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 402,603 21,621
Unobservable Inputs (Level 3) [Member]    
Assets:    
Cash and cash equivalents 0 0
Total assets 0 0
Liabilities:    
Warrant liabilities 1,681,933 0
Unobservable Inputs (Level 3) [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 0 0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   0
Unobservable Inputs (Level 3) [Member] | U.S. Government and Agency [Member]    
Assets:    
Cash and cash equivalents 0 0
Unobservable Inputs (Level 3) [Member] | U.S. Government and Agency [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | U.S. Government and Agency [Member] | Other Long-term Investments [Member]    
Assets:    
Investments $ 0 $ 0
[1] Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company’s financial guarantees and certain other obligations.
v3.25.3
Fair Value Measurements - Assumptions Used to Estimate Fair Value of Series A Warrants (Detail)
Sep. 30, 2025
yr
Jul. 09, 2025
yr
Risk-free Interest Rate [Member] | Series A Warrants [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assumptions used to estimate fair value of Series A warrants 0.0387 0.0407
Expected Term (in Years) [Member] | Series A Warrants [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assumptions used to estimate fair value of Series A warrants 6.78 7
Expected Volatility [Member] | Series A Warrants [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assumptions used to estimate fair value of Series A warrants 0.95 0.95
Dividend Yield [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assumptions used to estimate fair value of Series A warrants 0  
Dividend Yield [Member] | Series A Warrants [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assumptions used to estimate fair value of Series A warrants 0 0
v3.25.3
Fair Value Measurements - Additional Information (Detail)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]      
Class of warrants, exercise price per share | $ / shares $ 1.38 $ 1.38  
Other noncurrent assets $ 39,189,000 $ 39,189,000 $ 4,437,000
Dividend Yield [Member]      
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]      
Dividend yield 0 0  
Subscription Agreement [Member]      
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]      
Other noncurrent assets $ 28,000,000 $ 28,000,000  
Impairments of privately held securities   0  
Subscription Agreement [Member] | Convertible Debt Securities Classified as Available-for-sale Investments [Member]      
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]      
Other noncurrent assets 23,000,000 23,000,000  
Subscription Agreement [Member] | SAFE Investments [Member]      
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]      
Other noncurrent assets 5,000,000 5,000,000  
Commercial Contract [Member]      
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]      
Revenue recognized from commercial contract $ 900,000 $ 900,000  
v3.25.3
Property And Equipment, Net - Summary Of Property And Equipment (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 165,786 $ 80,373
Less: accumulated depreciation (46,222) (27,612)
Total property and equipment, net 119,564 52,761
Quantum computing systems [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 43,516 38,374
Satellites [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 54,755 0
Leasehold improvements [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 25,051 17,921
Machinery, equipment, furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 32,237 16,683
Computer equipment and acquired computer software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 10,227 $ 7,395
v3.25.3
Property And Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation $ 9.3 $ 3.5 $ 18.9 $ 9.1
v3.25.3
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets $ 690,003 $ 41,010
Less: accumulated amortization (34,094) (11,541)
Total intangible assets, net 655,909 29,469
Developed Technology [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets 596,041 4,293
Customer Relationships [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets 30,830 7,700
Internal-use Software [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets 26,670 21,301
Trademark [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets 19,960 377
Non-Compete Agreements [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets 8,781 0
Patents [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets 7,344 7,112
Website and Other [Member]    
Disclosure Of Intangible Assets Finite And Indefinite Lived [Line Items]    
Gross intangible assets $ 377 $ 227
v3.25.3
Intangible Assets, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization of intangible assets $ 14.9 $ 1.4 $ 22.5 $ 4.1
v3.25.3
Other Balance Sheet Accounts - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Materials and supplies, net $ 48,761 $ 18,658
Inventories, net 8,661 0
Prepaid expenses 8,791 4,890
Accrued interest receivable 9,495 2,221
Other current assets 20,317 2,556
Total prepaid expenses and other current assets $ 96,025 $ 28,325
v3.25.3
Other Balance Sheet Accounts - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued salaries and other payroll liabilities $ 39,150 $ 10,368
Accrued professional services and transaction costs 26,464 936
Acquisition holdback liabilities 5,600 3,300
Accrued equipment and facilities liabilities 12,137 534
Accrued expenses—other 8,505 1,673
Total accrued expenses and other current liabilities $ 91,856 $ 16,811
v3.25.3
Inventories, Net - Summary of Inventories, Net (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory, Net [Abstract]    
Raw materials $ 7,300  
Work-in-process 7  
Finished goods 1,354  
Total inventories, net $ 8,661 $ 0
v3.25.3
Privately-Held Securities - Additional Information (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Privately Held Securities [Line Items]      
Other noncurrent assets $ 39,189,000 $ 39,189,000 $ 4,437,000
Subscription Agreement [Member]      
Privately Held Securities [Line Items]      
Other noncurrent assets 28,000,000 28,000,000  
Impairments of privately held securities   0  
Commercial Contract [Member]      
Privately Held Securities [Line Items]      
Revenue recognized from commercial contract $ 900,000 $ 900,000  
v3.25.3
Warrants - Additional Information (Detail) - $ / shares
 1 Months Ended
Jul. 07, 2025
Jul. 31, 2025
Sep. 30, 2025
Sep. 30, 2021
Aug. 31, 2020
Class of warrant or right, exercise price of warrants or rights     $ 1.38    
Warrant issue price     $ 11.5    
Class of warrant redeemed     0    
Class of warrants or rights vested and execisable     0   543,152
Series A Prefunded Warrants [Member]          
Number of warrants or rights outstanding     0    
Series A Prefunded Warrants [Member] | Underwriting Agreement [Member]          
Number of shares issued 3,855,557 3,855,557      
Sale of stock, price per share   $ 0.0001      
Class of warrant or right, exercise price of warrants or rights $ 55.49        
Series A Private Warrants [Member]          
Number of warrants or rights outstanding     36,042,530    
Series A Private Warrants [Member] | Underwriting Agreement [Member]          
Number of shares issued 36,042,530 36,042,530      
Sale of stock, price per share   $ 99.88      
Public Warrants [Member]          
Number of warrants or rights outstanding     1,737,441 7,500,000  
v3.25.3
Equity Offerings - Additional Information (Detail) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 09, 2025
Jul. 07, 2025
Mar. 09, 2025
Jul. 31, 2025
Feb. 28, 2025
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Class of Stock [Line Items]                
Common stock, par value           $ 0.0001 $ 0.0001 $ 0.0001
Issuance of common stock in connection with at-the-market offering, net of issuance costs           $ 1,000 $ 358,256,000  
Class of warrants, exercise price per share           $ 1.38 $ 1.38  
Common Stock [Member]                
Class of Stock [Line Items]                
Issuance of common stock in connection with at-the-market offering, net of issuance costs           $ 1,000 $ 3,000  
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)           14,165,708 30,204,168  
At The Market Offering [Member]                
Class of Stock [Line Items]                
Common stock, par value         $ 0.0001      
Issuance of common stock in connection with at-the-market offering, net of issuance costs         $ 500,000,000      
Proceeds of sale of common shares percentage         3.25%      
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)     16,038,460          
aggregate purchase price     $ 358,300,000          
Stock issuance costs     $ 14,300,000          
Underwriting Agreement [Member]                
Class of Stock [Line Items]                
Stock issuance costs $ 22,800,000              
Additional consideration   $ 0            
Aggregate proceeds, net of issuance costs $ 977,200,000              
Underwriting Agreement [Member] | Series A Prefunded Warrants [Member]                
Class of Stock [Line Items]                
Number of shares issued   3,855,557   3,855,557        
Sale of stock, price per share       $ 0.0001        
Class of warrants, exercise price per share   $ 55.49            
Underwriting Agreement [Member] | Series A Private Warrants [Member]                
Class of Stock [Line Items]                
Number of shares issued   36,042,530   36,042,530        
Sale of stock, price per share       $ 99.88        
Underwriting Agreement [Member] | Common Stock [Member]                
Class of Stock [Line Items]                
Common stock, par value   $ 0.0001            
Number of shares issued   14,165,708            
Sale of stock, price per share   $ 55.49            
v3.25.3
Revenue - Schedule of Revenue Disaggregated by Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 39,866 $ 12,400 $ 68,126 $ 31,363
Quantum Computing and Networking Hardware [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 21,584 6,345 39,673 17,301
Platform, Consulting and Support Services [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue $ 18,282 $ 6,055 $ 28,453 $ 14,062
v3.25.3
Revenue - Schedule of Revenue Disaggregated by Customer Location (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 39,866 $ 12,400 $ 68,126 $ 31,363
United States [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 28,742 11,895 49,748 29,910
International [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue $ 11,124 $ 505 $ 18,378 $ 1,453
v3.25.3
Revenue - Additional Information (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue, remaining performance obligation, amount $ 141.1
Percentage Of Remaining Performance Obligation 55.00%
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation twelve months
v3.25.3
Revenue - Summary of Changes in Unearned Revenue (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Deferred Revenue [Abstract]  
Beginning balance $ 10,678
Revenue recognized (10,214)
New deferrals, net 24,775
Ending balance $ 25,239
v3.25.3
Stock-Based Compensation - Additional Information (Detail) - shares
 3 Months Ended 9 Months Ended 33 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Jan. 01, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Weighted-average remaining contractual term outstanding     5 years 10 months 6 days      
Time Based Restricted Stock Units Rsu [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
PSUs ,Granted     206,316 1,064,518    
Performance Based Restricted Stock Units [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Dividend yield 0.00% 0.00% 0.00% 0.00%    
Share based compensation by share based award vesting term     3 years      
PSUs ,Granted     2,757,511      
Target percentage of number of shares earned         100.00%  
Performance Based Restricted Stock Units [Member] | Maximum [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share based compensation by share based award vesting term         4 years  
Percentage of number of shares earned     200.00%   300.00%  
Performance Based Restricted Stock Units [Member] | Minimum [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share based compensation by share based award vesting term         3 years  
Percentage of number of shares earned     0.00%   0.00%  
Stock Options [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Dividend yield 0.00% 0.00% 0.00% 0.00%    
2015 Equity Incentive Plan [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Weighted-average remaining contractual term outstanding     10 years      
2015 Equity Incentive Plan [Member] | Maximum [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share based compensation by share based award vesting term     5 years      
2015 Equity Incentive Plan [Member] | Minimum [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share based compensation by share based award vesting term     4 years      
2021 Equity Incentive Plan [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Shares reserved for issuances           14,532,010
Weighted-average remaining contractual term outstanding     10 years      
Number of Shares Available for Grant 28,460,721   28,460,721   28,460,721  
Share based compensation arrangement by share based payment award cumulative annual increase percentage     5.00%      
2021 Equity Incentive Plan [Member] | Maximum [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share based compensation by share based award vesting term     4 years      
2021 Equity Incentive Plan [Member] | Minimum [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share based compensation by share based award vesting term     1 year      
2024 Equity Incentive Plan [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Weighted-average remaining contractual term outstanding     10 years      
Number of Shares Available for Grant 0   0   0  
2024 Equity Incentive Plan [Member] | Minimum [Member]            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share based compensation by share based award vesting term     4 years      
v3.25.3
Stock-Based Compensation - Summary Of Share Based Payment Award Stock Options Valuation Assumptions (Detail)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Stock Options [Member]        
Risk-free interest rate 0.00% 0.00% 4.07% 4.31%
Expected term (in years) 0 years 0 years 5 years 10 months 20 days 6 years
Expected volatility 0.00% 0.00% 86.79% 79.33%
Dividend yield 0.00% 0.00% 0.00% 0.00%
Performance Based Restricted Stock Units [Member]        
Risk-free interest rate 0.00% 0.00% 3.79% 4.86%
Expected term (in years) 0 years 0 years 1 year 8 months 19 days 2 years 8 months 8 days
Expected volatility 0.00% 0.00% 104.32% 85.00%
Dividend yield 0.00% 0.00% 0.00% 0.00%
v3.25.3
Stock-Based Compensation - Summary of the Stock Option Activity (Detail)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Option Shares, Beginning Balance | shares 16,687,129
Number of Option Shares, Replacement awards | shares 1,747,622
Number of Option Shares, Exercised | shares (10,272,027)
Number of Option Shares, Cancelled/ Forfeited | shares (432,952)
Number of Option Shares, Ending Balance | shares 7,729,772
Number of Option Shares, Exercisable | shares 5,550,278
Number of Option Shares, Exercisable and expected to vest | shares 7,729,772
Weighted Average Exercise Price, Beginning Balance | $ / shares $ 2.4
Weighted Average Exercise Price, Replacement awards | $ / shares 4.36
Weighted Average Exercise Price, Exercised | $ / shares 1.2
Weighted Average Exercise Price, Cancelled/ Forfeited | $ / shares 2.66
Weighted Average Exercise Price, Ending Balance | $ / shares 4.42
Weighted Average Exercise Price, Exercisable | $ / shares 5.21
Weighted Average Exercise Price, Exercisable and expected to vest | $ / shares $ 4.42
Weighted-average Remaining Contractual Term, Outstanding 5 years 10 months 6 days
Weighted-average Remaining Contractual Term, Exercisable 4 years 9 months 10 days
Weighted-average Remaining Contractual Term, Exercisable and expected to vest 5 years 10 months 6 days
Aggregate Intrinsic Value, Outstanding | $ $ 441,200
Aggregate Intrinsic Value, Exercisable | $ 312,420
Aggregate Intrinsic Value, Exercisable and expected to vest | $ $ 441,200
v3.25.3
Stock-Based Compensation - Summary of the Stock Option Activity (Parenthetical) (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Share-Based Payment Arrangement [Abstract]  
Fair value of conversion of stock options in connection with acquisition $ 11.3
v3.25.3
Stock-Based Compensation - Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity (Detail)
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Sep. 30, 2024
Restricted Stock Units Outstanding [Member]    
Number of Shares, Beginning Balance 14,509,717  
Number of Shares, Granted 6,409,003  
Number of Shares, Vested (5,952,489)  
Number of Shares, Forfeited (1,138,230)  
Number of Shares, Ending Balance 13,828,001  
Number of Shares, Expected to vest after June 30, 2025 13,828,001  
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 9.54  
Weighted Average Grant Date Fair Value, Granted | $ / shares 36.92  
Weighted Average Grant Date Fair Value, Vested | $ / shares 12.04  
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 11.77  
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 20.96  
Weighted Average Grant Date Fair Value, Expected to vest 20.96  
Weighted Average Remaining Contractual Term (Years) 2 years 5 months 15 days  
Weighted Average Remaining Contractual Term (Years), Expected to vest   2 years 5 months 15 days
Restricted Stock [Member]    
Number of Shares, Beginning Balance 0  
Number of Shares, Replacement awards 6,176,959  
Number of Shares, Vested (1,927,662)  
Number of Shares, Ending Balance 4,249,297  
Number of Shares, Expected to vest after June 30, 2025 4,249,297  
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 0  
Weighted Average Grant Date Fair Value, Replacement awards | $ / shares 40.34  
Weighted Average Grant Date Fair Value, Vested | $ / shares 40.34  
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 40.34  
Weighted Average Grant Date Fair Value, Expected to vest 40.34  
Weighted Average Remaining Contractual Term (Years) 4 years 6 months 3 days  
Weighted Average Remaining Contractual Term (Years), Expected to vest 4 years 6 months 3 days  
v3.25.3
Stock-Based Compensation - Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity (Parenthetical) (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Share-Based Payment Arrangement [Abstract]  
Fair value of conversion of restricted stock in connection with acquisition $ 48.1
v3.25.3
Stock-Based Compensation - Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target (Details) - Performance Based Restricted Stock Units [Member]
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Number of Shares, Beginning Balance 3,972,257
PSUs ,Granted 2,757,511
PSUs,Vested (619,874)
PSUs, Forfeited (456,445)
Number of Shares, Ending Balance 5,653,449
PSUs, Expected to vest after June 30, 2025 12,929,029
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 16.17
Weighted Average Grant Date Fair Value, Granted | $ / shares 36.48
Weighted Average Grant Date Fair Value, Vested | $ / shares 16.77
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 15.08
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 26.1
Weighted Average Grant Date Fair Value, Expected to vest 24.27
Weighted Average Remaining Contractual Term (Years) 1 year 10 months 2 days
Weighted Average Remaining Contractual Term (Years), Expected to vest 1 year 9 months 14 days
v3.25.3
Stock-Based Compensation - Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 74,623 $ 26,035 $ 209,047 $ 71,821
Cost of Sales [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 4,247 1,332 7,125 3,392
Research and Development Expense [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 31,766 13,907 125,392 37,840
Selling and Marketing Expense [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 6,560 2,929 16,488 8,157
General and Administrative Expense [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 30,372 6,399 56,361 18,218
Stock-based Compensation, Net Of Amounts Capitalized [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense 72,945 24,567 205,366 67,607
Capitalized Stock Based Compensation - Property And Equipment Net And Intangible Assets Net [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 1,678 $ 1,468 $ 3,681 $ 4,214
v3.25.3
Stock-Based Compensation - Summary of Unrecognized Stock-Based Compensation (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Restricted Stock Units Outstanding [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 274.3
Weighted- Average Amortization Period (Years) 2 years 10 months 24 days
Performance Based Restricted Stock Units [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 237.9
Weighted- Average Amortization Period (Years) 2 years 1 month 6 days
Restricted Stock [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 142.6
Weighted- Average Amortization Period (Years) 4 years 6 months
Stock Options [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 47.5
Weighted- Average Amortization Period (Years) 3 years
v3.25.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Line Items]          
Income tax benefit $ 4,438 $ (16) $ 19,695 $ (39)  
Valuation allowance against net deferred tax assets     valuation allowance   valuation allowance
Maximum [Member]          
Income Tax Disclosure [Line Items]          
Income tax benefit   $ (100)   $ (100)  
v3.25.3
Leases - Summary Of Components Of Lease Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Lease, Cost [Abstract]        
Fixed lease cost $ 1,614 $ 672 $ 3,273 $ 1,846
Short-term cost 818 67 1,049 147
Total operating lease cost $ 2,432 $ 739 $ 4,322 $ 1,993
v3.25.3
Leases - Summary Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]        
Total operating lease cost $ 2,432 $ 739 $ 4,322 $ 1,993
Cost of revenue        
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]        
Total operating lease cost 520 64 785 187
Research and development        
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]        
Total operating lease cost 614 461 1,793 1,198
Sales and marketing        
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]        
Total operating lease cost 55 60 290 116
General and administrative        
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]        
Total operating lease cost $ 1,243 $ 154 $ 1,454 $ 492
v3.25.3
Leases - Summary Of Supplemental Cash Flow And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Cash payments (receipts) included in the measurement of operating lease liabilities, net of lease incentives $ 1,940 $ (835) $ 3,483 $ (2,932)
v3.25.3
Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail)
$ in Thousands
Sep. 30, 2025
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]  
2025 $ 2,313
2026 8,872
2027 7,576
2028 5,864
2029 4,578
Thereafter 4,879
Total lease payments 34,082
Less: imputed interest (5,566)
Present value of operating lease liabilities $ 28,516
v3.25.3
Leases - Additional Information (Detail)
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term 4 days 16 hours 5 years 2 months 12 days
Weighted-average discount rate 7.60% 8.20%
v3.25.3
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Related Party Transaction [Line Items]        
Revenue $ 39,866 $ 12,400 $ 68,126 $ 31,363
Research and development expense $ 66,298 $ 33,178 $ 209,610 $ 96,750
v3.25.3
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Prepaid expenses and other current assets $ 96,025 $ 28,325
Operating lease right-of-use assets 20,940 9,470
Other noncurrent assets 39,189 4,437
Liabilities    
Current portion of operating lease liabilities 8,599 3,366
Operating lease liabilities, net of current portion $ 19,917 $ 14,359
v3.25.3
Segment Information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segment 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chairman and Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Consolidated net loss as reported on the condensed consolidated statements of operations is used to evaluate performance and allocate resources.
v3.25.3
Segment Information - Schedule of Revenue, Significant Expenses, and Segment Profit and Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 39,866 $ 12,400 $ 68,126 $ 31,363
Operating costs and expenses excluding stock-based compensation:        
Cost of revenue (excluding depreciation and amortization) 21,253 6,515 33,895 15,552
Research and development 66,298 33,178 209,610 96,750
Sales and marketing 14,441 6,630 33,928 19,468
General and administrative 82,505 14,322 154,418 41,395
Stock-based compensation 74,623 26,035 209,047 71,821
Other segment items:        
(Gain) loss on change in fair value of warrant liabilities 881,847 3,868 882,930 (11,398)
Interest income, net 14,437 4,508 26,469 14,108
Offering costs associated with warrants 22,847 0 22,847 0
Other (income) expense, net 980 (15) 697 164
Income tax (benefit) expense (4,438) 16 (19,695) 39
Net loss (1,055,612) (52,496) (1,265,394) (129,649)
Operating Segment [Member]        
Segment Reporting Information [Line Items]        
Revenue 39,866 12,400 68,126 31,363
Operating costs and expenses excluding stock-based compensation:        
Cost of revenue (excluding depreciation and amortization) 17,006 5,183 26,770 12,160
Research and development 34,532 19,271 84,218 58,910
Sales and marketing 7,881 3,701 17,440 11,311
General and administrative 52,133 7,923 98,057 23,177
Stock-based compensation 72,945 24,567 205,366 67,607
Depreciation and amortization 24,182 4,890 41,359 13,150
Other segment items:        
(Gain) loss on change in fair value of warrant liabilities 881,847 3,868 882,930 (11,398)
Interest income, net (14,437) (4,508) (26,469) (14,108)
Offering costs associated with warrants 22,847 0 22,847 0
Other (income) expense, net 980 (15) 697 164
Income tax (benefit) expense (4,438) 16 (19,695) 39
Net loss $ (1,055,612) $ (52,496) $ (1,265,394) $ (129,649)
v3.25.3
Subsequent Events - Additional Information (Detail) - USD ($)
Oct. 14, 2025
Oct. 10, 2025
Oct. 02, 2025
Jul. 09, 2025
Jul. 07, 2025
Sep. 30, 2025
Dec. 31, 2024
Subsequent Event [Line Items]              
Common stock, par value           $ 0.0001 $ 0.0001
Class of warrants, exercise price per share           $ 1.38  
Underwriting Agreement [Member]              
Subsequent Event [Line Items]              
Additional consideration         $ 0    
Aggregate proceeds, net of certain issuance costs       $ 977,200,000      
Underwriting Agreement [Member] | Subsequent Event [Member]              
Subsequent Event [Line Items]              
Additional consideration   $ 0          
Aggregate proceeds, net of certain issuance costs $ 1,980,000,000            
Underwriting Agreement [Member] | Pre-funded Warrants [Member] | Subsequent Event [Member]              
Subsequent Event [Line Items]              
Number of shares issued   5,005,400          
Number of shares of common stock purchase   5,005,400          
Class of warrants, exercise price per share   $ 93          
Underwriting Agreement [Member] | Series B Warrants [Member] | Subsequent Event [Member]              
Subsequent Event [Line Items]              
Number of shares issued   43,010,800          
Number of shares of common stock purchase   43,010,800          
Underwriting Agreement [Member] | Common Stock [Member]              
Subsequent Event [Line Items]              
Number of shares issued         14,165,708    
Common stock, par value         $ 0.0001    
Sale of stock, price per share         $ 55.49    
Underwriting Agreement [Member] | Common Stock [Member] | Subsequent Event [Member]              
Subsequent Event [Line Items]              
Number of shares issued   16,500,000          
Common stock, par value   $ 0.0001          
Sale of stock, price per share   $ 93          
Vector Atomic, Inc. [Member] | Subsequent Event [Member]              
Subsequent Event [Line Items]              
Number of shares of common stock     6,080,379        
Date of acquisition     Oct. 02, 2025